BILL NO | S04398A |
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SAME AS | SAME AS A07558-A
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SPONSOR | SCHNEIDERMAN |
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COSPNSR | ADDABBO, DIAZ, HASSELL-THOMPSON, KRUEGER, MONTGOMERY, OPPENHEIMER, PARKER, PERALTA, PERKINS,
SERRANO |
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MLTSPNSR | |
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Amd SS213, 3012, & 3215, amd RR3016 & 3211, add SS214-f, 306-c & 7515, CPLR |
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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. |