senate Bill S153

2021-2022 Legislative Session

Enacts the "consumer credit fairness act"

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Sponsored By

Current Bill Status - Passed Senate & Assembly


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 02, 2021 returned to senate
passed assembly
ordered to third reading cal.350
substituted for a2382
May 25, 2021 referred to codes
delivered to assembly
passed senate
Mar 01, 2021 advanced to third reading
Feb 24, 2021 2nd report cal.
Feb 23, 2021 1st report cal.405
Jan 06, 2021 referred to judiciary

Co-Sponsors

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S153 (ACTIVE) - Details

See Assembly Version of this Bill:
A2382
Law Section:
Civil Practice Law and Rules
Laws Affected:
Amd CPLR, generally; amd §212, Judy L
Versions Introduced in Other Legislative Sessions:
2013-2014: A2678
2015-2016: A3877, A4438
2017-2018: S8959, A1752
2019-2020: S691, S4827, A6909, A10795

S153 (ACTIVE) - Summary

Enacts the "consumer credit fairness act"; establishes a 3 year statute of limitations for commencement of a cause of action arising out of a consumer credit transaction where the defendant is a purchaser, borrower or debtor; establishes a notice of lawsuit which must be mailed to the defendant in such a cause of action; establishes certain requirements for the complaint in such an action (view more) provides for arbitration of such actions.

S153 (ACTIVE) - Sponsor Memo

S153 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    153
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  Sen.  THOMAS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Judiciary
 
 AN ACT to amend the civil practice law and rules and the judiciary  law,
   in relation to consumer credit transactions

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "consumer credit fairness act".
   §  2.  Section  105  of the civil practice law and rules is amended by
 adding two new subdivisions (h-1) and (q-1) to read as follows:
   (H-1) FINANCE CHARGE. THE TERM "FINANCE  CHARGE"  MEANS  THE  COST  OF
 CONSUMER CREDIT AS A DOLLAR AMOUNT, INCLUDES ANY CHARGE PAYABLE DIRECTLY
 OR  INDIRECTLY BY THE CONSUMER AND IMPOSED DIRECTLY OR INDIRECTLY BY THE
 CREDITOR AS AN INCIDENT TO OR A CONDITION OF THE  EXTENSION  OF  CREDIT,
 AND  DOES  NOT INCLUDE ANY CHARGE OF A TYPE PAYABLE IN A COMPARABLE CASH
 TRANSACTION.
   (Q-1) ORIGINAL CREDITOR. THE TERM "ORIGINAL CREDITOR" MEANS THE ENTITY
 THAT OWNED A CONSUMER CREDIT ACCOUNT AT THE DATE OF DEFAULT GIVING  RISE
 TO A CAUSE OF ACTION.
   § 3. Subdivision 2 of section 213 of the civil practice law and rules,
 as  amended  by  chapter  709 of the laws of 1988, is amended to read as
 follows:
   2. an action upon a contractual obligation or  liability,  express  or
 implied,  except  as  provided  in section two hundred thirteen-a OR TWO
 HUNDRED FOURTEEN-I of this article or article 2 of the  uniform  commer-
 cial code or article 36-B of the general business law;
   §  4.  The  civil  practice  law  and rules is amended by adding a new
 section 214-i to read as follows:
   § 214-I. CERTAIN ACTIONS ARISING OUT OF CONSUMER  CREDIT  TRANSACTIONS
 TO  BE COMMENCED WITHIN THREE YEARS. AN ACTION ARISING OUT OF A CONSUMER
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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