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S00677 Summary:

BILL NOS00677A
 
SAME ASSAME AS A00633-A
 
SPONSORPERALTA
 
COSPNSRADDABBO, AVELLA, HASSELL-THOMPSON, KRUEGER, PARKER
 
MLTSPNSR
 
Amd SS213, 3012 & 3215, amd RR3016 & 3211, add SS214-f, 306-d & 7515, CPLR; add SS601-a & 602, Gen Bus L; amd S94-a, Exec L
 
Enacts the "consumer credit fairness act"; establishes a 3 year statute of limitations for commencement of a cause of action arising out of a consumer credit transaction where the defendant is a purchaser, borrower or debtor; establishes a notice of lawsuit which must be mailed to the defendant in such a cause of action; establishes certain requirements for the complaint in such an action; provides for arbitration of such actions; requires debt collectors to send consumers a written notice of their rights under state law along with their initial debt collection correspondence; such notice would contain information such as who and when a principal creditor may contact a debtor about the debt owed as well as the fact that a principal creditor cannot disclose information affecting a consumer debtor's reputation for creditworthiness if the principal creditor knows or has reason to know such information is false; applies to consumer rather than commercial debts.
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