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Big Changes About to Happen in New York’s Consumer Credit Law – Are You Ready?

new york consumer credit fairness actIn just a few weeks several provisions of the New York Consumer Credit Fairness Act (NYCCFA) will take effect. 

First, on April 7, New York’s statute of limitations on most Consumer Credit Transactions will be reduced to three years, among other things.

Second, on May 7, new requirements for default judgments “if the plaintiff is not the original creditor” also become effective. Section 11 of the NYCCFA requires the New York Office of Court Administration to provide form affidavits for this information, but as of today no forms have been adopted. 

I will be hosting a one-hour presentation to cover these issues and more as we prepare for the implementation of the NYCCFA. I’ll look at:

  • The status of the proposed affidavits and what options are available if they are not ready by the May 7 effective date
  • Exceptions to the new three-year limitations period
  • Implications of the recent changes in post-judgment interest
  • Revival, repayment, and other issues after the limitations period expires for covered debt
  • Insights from my legislative work on this law with its sponsors and stakeholders
  • A quick look at the proposed debt collection regulations
  • The “Large Print” Law
  • Issues surrounding the recent changes to post-judgment interest

We are requesting CLE credit for New York and New Jersey attorneys. Attendees will also receive one hour of credit to RMAI Certification. Click here to register and view an instant replay of this webinar.

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Donald Maurice provides counsel to the financial services industry, successfully litigating matters in the state and federal courts in individual and class actions. He has successfully argued before the Third, Fourth and Eighth Circuit U.S. Courts of Appeals, and has represented the financial services industry before several courts including as counsel for amicus curiae before the United States Supreme Court. He counsels clients in regulatory actions before the CFPB, and other federal and state regulators and in the development and testing of debt collection compliance systems. Don is peer-rated AV by Martindale-Hubbell, the worldwide guide to lawyers. In addition to being a frequent speaker and author on consumer financial services law, he serves as outside counsel to RMA International, on the governing Board of Regents of the American College of Consumer Financial Services Lawyers and on the Governing Committee of the Conference on Consumer Finance Law. From 2014 to 2017, he chaired the ABA's Bankruptcy and Debt Collection Subcommittee. For more information, see https://mauricewutscher.com/attorneys/donald-maurice/

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