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A09053 Summary:

SPONSORWeinstein (MS)
COSPNSRJaffee, Millman, Titone, Colton, Weprin, Galef, Dinowitz, Mosley, Otis, Paulin, Zebrowski, O'Donnell, Crespo, Jacobs, Rosenthal, Scarborough, Gunther, Fahy, Robinson, Moya, Abinanti, Bronson
MLTSPNSRArroyo, Brennan, Camara, Cook, Cymbrowitz, Glick, Gottfried, Magee, Markey, Perry, Rivera, Schimel, Solages, Sweeney
Amd SS213, 3012, 3215, R3016 & R3211, add SS214-f, 306-d & 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; 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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