SB 1306 - Limitations of Actions Summary

• Clarifies that when a payment is made toward an accrued debt that is not yet barred by the statute of limitations, the limitation period restarts from the date of the last payment.

• Eliminates the ability of oral acknowledgments to revive a claim that has already been barred by the statute of limitations.

• Requires that any acknowledgment of a barred debt claim must be in writing and signed by the party being charged to revive the right to pursue the action.

• Applies retroactively to all debt payments made on or after January 1, 2012, notwithstanding other limitations provisions.