NY S07074

Amends General Obligations Law Section 5-702 to increase the monetary threshold for plain language requirements in consumer contracts from fifty thousand dollars to one hundred thousand dollars.

Agreements involving amounts exceeding one hundred thousand dollars are exempt from plain language requirements.

Maintains existing penalties of fifty dollars per violation plus actual damages, with a cap of ten thousand dollars per class action or series of class actions.

Becomes effective on the one hundred eightieth day after enactment and applies only to contracts entered into after the effective date.