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NY A07558
Bill
Status
6/22/2009
Primary Sponsor
William Boyland
Click for details
AI Summary
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Establishes a three-year statute of limitations for actions arising from consumer credit transactions where the defendant is a purchaser, borrower, or debtor; after expiration, the right to collect and all remedies are extinguished.
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Requires plaintiffs to submit a stamped envelope with a court-issued notice of lawsuit in both English and Spanish (minimum 12-point font) to defendants in consumer credit actions, with the clerk mailing it within 20 days before default judgment can be entered.
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Mandates that complaints in consumer credit actions must include the original creditor's name, last four digits of account number, date and amount of last payment, itemized breakdown of amounts sought, and chain of title if the plaintiff is not the original creditor.
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Requires the complaint to be served with the summons in consumer credit transactions and eliminates the waiver of improper service defenses in such cases within the standard 60-day window.
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Requires debt collectors seeking default judgments in consumer credit actions to affidavit that they have reasonable belief the statute of limitations has not expired, and requires arbitration awards confirmation petitions to include specific documentation and calculation statements.
Legislative Description
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; provides for arbitration of such actions.
Last Action
REFERRED TO RULES
6/16/2010