On November 8, New York Governor Kathy Hochul signed into law the Consumer Credit Fairness Act (Act) (S.153/A.2382). The Act contains a series of amendments to New York’s Civil Practice Law and Rules (CPLR) that significantly impact debt collection lawsuits filed in New York state courts by creditors and third-party debt collectors. The key amendments to the CPLR include the following:
Continue Reading New York Enacts Consumer Credit Fairness Act, Impacting Debt Collection Actions
New York’s chief law enforcement agency appears to have squandered an opportunity to bring much needed guidance to the digital assets space. On October 18, the Office of New York Attorney General Letitia James (“NYAG”) issued a press release warning New York businesses offering interest-bearing accounts to customers who deposit virtual currency with them without having registered under General Business Law § 352, et seq. (the “Martin Act”) that they are breaking the law.
Continue Reading NYAG’s Warning to Crypto Businesses Muddies Regulatory Waters
On October 20, the New York Department of Financial Services (NYDFS) issued proposed rules under New York’s Commercial Financing Disclosure Law (CFDL) (See S5470-B, as amended by S898). Under the CFDL, commercial financing providers will be required to give consumer-style loan disclosures to recipients at the time a specific offering of finance is extended for certain commercial transactions of $2.5 million or less. The public comment period on the proposed rules are due by December 19, 2021.
Continue Reading NYDFS Issues Proposed Rules to Implement New Commercial Financing Disclosure Law