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NY A07545
Bill
Status
4/1/2025
Primary Sponsor
Charles Lavine
Click for details
AI Summary
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Prohibits judgments by confession (where a debtor agrees in advance to let a creditor obtain a judgment without a lawsuit) for any debt incurred for personal, family, household, consumer, or other non-business purposes
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Prohibits judgments by confession on any debt where the principal amount was less than $5 million at the time the debt was incurred, regardless of purpose
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Amends the affidavit requirements for judgments by confession, removing language about consumer debt interest rates
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Takes effect immediately and applies to judgments by confession entered upon affidavits filed on or after the effective date
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Amends Section 3218 of the Civil Practice Law and Rules governing confession of judgment procedures
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
1/7/2026