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NY S02305
Bill
Status
3/25/2025
Primary Sponsor
Liz Krueger
Click for details
AI Summary
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Prohibits judgments by confession (allowing creditors to obtain court judgments without a lawsuit) on any debt owed by individuals for personal, family, household, consumer, or other non-business purposes
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Bars judgments by confession on any debt where the principal amount was less than $5 million at the time the debt was incurred, regardless of the borrower type or purpose
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Amends Civil Practice Law and Rules section 3218 to add these new restrictions as subdivision (e)
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Applies only to judgments by confession entered on affidavits filed on or after the law's effective date
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Takes effect immediately upon enactment
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