Key Provisions Take Effect April 7, 2022
In just a few weeks several provisions of the New York Consumer Credit Fairness Act (NYCCFA) will take effect. Among the provisions is the reduction of New York’s statute of limitations on Consumer Credit Transactions to three years. There are two exceptions, one being for transactions subject to Article 2 of the Uniform Commercial Code. Taking effect on May 7 are the new requirements for default judgments applicable to a plaintiff who “is not the original creditor.” Applications for default judgments on or after April 7 must conform to these new requirements. Section 11 requires the New York Office of Court Administration to provide form affidavits for this information, but as of today no forms have been adopted.
On March 24 at 2pm Eastern, we'll discuss what steps you can take to comply with these new requirements and address other issues under the NYCCFA, and spend a few minutes discussing other developments in the Empire State.
This webinar qualifies for 1 hour of RMAI Certification credit. CLE for New Jersey and New York attorneys is pending.
NOTE: This webinar has no dial-in number and the broadcast can only be heard over your PC's speaker or with headphones.
Donald Maurice is a partner at Maurice Wutscher LLP representing the financial services industry in compliance matters, trials and appeals of individual and class actions with offices throughout the United States. He is admitted to the Bars of Massachusetts, New York, New Jersey and the District of Columbia and has practiced law since 1988. Don has been inducted into the American College of Consumer Financial Services Lawyers and serves on the Governing Committee of the Conference on Consumer Finance Law. He is a fellow at the American Bar Foundation. He formerly chaired the Debt Collection Practices and Bankruptcy Subcommittee of the American Bar Association. He is editor of the Consumer Financial Services Blog (cfsblog.com).
