Loading chat...
NY S02604
Bill
Status
6/6/2024
Primary Sponsor
Liz Krueger
Click for details
AI Summary
-
Amends the Civil Practice Law and Rules to prohibit judgments by confession on debts incurred by individuals for personal, family, household, consumer, or non-business purposes.
-
Prohibits judgments by confession on any debt with a principal amount less than $5,000,000 at the time the debt was incurred, regardless of the debtor's status.
-
Removes the requirement in affidavits for judgment by confession to state whether consumer debt interest rate provisions apply.
-
Takes effect immediately and applies to judgments by confession entered on affidavits filed after the effective date.
Legislative Description
Prohibits the entry of a judgment by confession on amounts due from one or more individuals for personal, family, household, consumer or non-business purposes and on a debt incurred if the principal amount of such debt was less than $5,000,000.
Last Action
referred to judiciary
6/7/2024