By: Michael L. Moskowitz and Melissa A. Guseynov

Paper with On May 25, 2021, the New York Senate passed Bill S153 (“Bill”), called the “Consumer Credit Fairness Act,” which: (i) establishes a 3-year statute of limitations for commencement of a cause of action arising out of a consumer credit transaction; (ii) sets forth a required notice of lawsuit that must be mailed to a defendant; (iii) establishes certain requirements for a complaint, including but not limited to attaching a copy of the contract or instrument to the complaint; and (iv) provides for arbitration of such actions. The Bill was passed in the Assembly on June 2, 2021, and will now be sent to the Governor’s desk for signature or veto.