NY A09460

Amends the definition of "coerced debt" to specifically cover debts incurred through duress, intimidation, threat, force, coercion, manipulation, or undue influence within intimate relationships, family/household member relationships, human trafficking situations, and caregiver relationships with children, elderly, or vulnerable individuals

Requires creditors to cease collection activities within 10 business days of receiving notice of coerced debt with adequate documentation, complete a review within 30 business days, and notify consumer reporting agencies that the account is disputed within 10 business days

Creates a 15-day cure period for creditors before debtors can bring a cause of action for violations of the notice provisions, with successful claims recovering $1,000 in statutory damages plus actual damages, costs, and reasonable attorneys' fees

Establishes a separate right of action against the person who caused another to incur coerced debt, making them civilly liable to the creditor and/or debtor for the debt amount plus costs and attorneys' fees, with a 3-year statute of limitations

Excludes debts secured by real property from most provisions and limits application to debts secured by personal property, affecting only deficiency liability after repossession or surrender of collateral

Extends the effective date from 90 days to 180 days after becoming law and applies only to debts incurred on or after the effective date