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A07558 Summary:

BILL NOA07558A
 
SAME ASSAME AS S04398-A
 
SPONSORWeinstein
 
COSPNSRWright, Colton, Jaffee, Boyland, Millman, Titus, Gibson, DenDekker, Englebright
 
MLTSPNSRCymbrowitz, Perry
 
Amd SS213, 3012, & 3215, amd RR3016 & 3211, add SS214-f, 306-c & 7515, CPLR
 
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.
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