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NY S00926
Bill
Status
1/8/2025
Primary Sponsor
Brian Kavanagh
Click for details
AI Summary
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Defines "arbitration organization" as any neutral entity that initiates, sponsors, or administers arbitration proceedings or appoints arbitrators
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Requires private arbitration organizations handling 50 or more consumer arbitrations annually to publish quarterly data in a searchable public database, including the business name, dispute type, outcome, claim amounts, arbitrator fees, and attorney information for cases within the preceding five years
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Prohibits private arbitration organizations from administering consumer arbitrations if they have a financial interest in any party or attorney, or if any party or attorney has a financial interest in the organization (defined as over 1% ownership or interest exceeding $1,500)
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Authorizes the Attorney General to seek injunctions against violations and allows injured individuals to bring private actions for actual damages and attorney's fees, with civil penalties up to $2,000 per violation
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Takes effect 180 days after becoming law, with disclosure requirements applying to arbitrations commenced on or after January 1, 2027
Legislative Description
Relates to arbitration organizations; requires private arbitration organizations involved in fifty or more consumer arbitrations per year to collect, publish at least quarterly, and make available to the public in a computer-searchable database certain information relating to such arbitrations; prohibits financial conflicts of interest.
Last Action
ADVANCED TO THIRD READING
3/4/2026