Statute of Limitations Could Change on Consumer Credit Csrd Debt!

Help For New York Consumers If Proposed Legal Change is Passed By Albany

If the law passes, the statute of limitations (the time in which credit card companies and other consumer creditors can sue for past due debts) would be cut in half, dropping from six years to three years!

The new law would also require certain disclosures by creditors who seek to collect on an overdue debt. For instance, when seeking to collect an overdue credit card debt, the company or whoever now holds the debt would be required to provide:

1.     the name of the original creditor;

2.     the last four digits of the original account number;

3.     the date and amount of the last payment;

4.     a chain of title for the account; and

5.     a breakdown of the amount that they are seeking to collect.

This means that consumers in New York would benefit if the law passes. The bill has already passed in the Assembly and in the Senate is designated S02454. 

If you want to call Albany so that your voice is heard, visit http://www.nysenate.gov/senators enter your street address in the top and call your Senator to express your support!

 www.KasellLawFirm.com

David Kasel, Esq.is an attorney who practices consumer protection litigation in New York City.