Law Advocates

A New Obstacle to Debt Collection in New York State

On November 8, 2021, New York Governor Kathy Hochul signed into law the Consumer Credit Fairness Act (the “Act”).  How does the Act change consumer debt collection?

  • With some exceptions, the Act shortens a creditor’s time to file suit based on a consumer credit transaction, from 6 years to 3 years.
  • After that 3 year period expires, a payment or affirmation of the debt will not revive or extend the time to sue.

Read the full post on DougGoldsteinBusinessAttorney.com

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