Title: Establishes Consumer Credit Fairness Act
Signed by Governor Kathy Hochul
Title: Establishes Consumer Credit Fairness Act
Vote to pass a bill that establishes the Consumer Credit Fairness Act.
Amends the civil practice law and rules and the judiciary law, in relation to consumer credit transactions (Sec. 1).
Establishes that certain actions arising out of consumer credit transactions will be commenced within 3 years. An action arising out of a consumer credit transaction where a purchaser, borrower or debtor is a defendant must be commenced within 3 years (Sec. 1).
Specifies additional mailing notice at the time of filing with the clerk of the proof of service of the summons and complaint in an action arising out of a consumer credit transaction, the plaintiff must submit to the clerk a stamped, unsealed envelope addressed to the defendant together with a written notice in clear type of no less than 12-point in size, in both English and Spanish (Sec. 2).
Establishes that in an action arising out of a consumer credit transaction where a purchaser, borrower or debtor is a defendant, the contract or other written instrument on which the action is based must be attached to the complaint, however, if the account was a revolving credit account, the charge-off statement may be attached to the complaint instead of the contract or other written instrument, and the following information will be set forth in the complaint (Sec. 2):
The name of the original creditor;
The last 4 digits of the account number printed on the most recent monthly statement recording a purchase transaction, last payment or balance transfer;
The date and amount of the last payment or, if no payment was made, a statement that the purchaser, borrower or debtor made no payment on the account; and
If the complaint contains a cause of action based on an account stated, the date on or about which the final statement of account was provided to the defendant.
Title: Establishes Consumer Credit Fairness Act
Vote to pass a bill that establishes the Consumer Credit Fairness Act.
Amends the civil practice law and rules and the judiciary law, in relation to consumer credit transactions (Sec. 1).
Establishes that certain actions arising out of consumer credit transactions will be commenced within 3 years. An action arising out of a consumer credit transaction where a purchaser, borrower or debtor is a defendant must be commenced within 3 years (Sec. 1).
Specifies additional mailing notice at the time of filing with the clerk of the proof of service of the summons and complaint in an action arising out of a consumer credit transaction, the plaintiff must submit to the clerk a stamped, unsealed envelope addressed to the defendant together with a written notice in clear type of no less than 12-point in size, in both English and Spanish (Sec. 2).
Establishes that in an action arising out of a consumer credit transaction where a purchaser, borrower or debtor is a defendant, the contract or other written instrument on which the action is based must be attached to the complaint, however, if the account was a revolving credit account, the charge-off statement may be attached to the complaint instead of the contract or other written instrument, and the following information will be set forth in the complaint (Sec. 2):
The name of the original creditor;
The last 4 digits of the account number printed on the most recent monthly statement recording a purchase transaction, last payment or balance transfer;
The date and amount of the last payment or, if no payment was made, a statement that the purchaser, borrower or debtor made no payment on the account; and
If the complaint contains a cause of action based on an account stated, the date on or about which the final statement of account was provided to the defendant.
Title: Establishes Consumer Credit Fairness Act