A federal district court judge in the Southern District of New York ruled late last week that three credit unions had successfully established a likelihood of success on their claims that the retroactive application of New York’s recently-passed rate reduction law constitutes a regulatory taking in violation of the U.S. Constitution and preliminarily enjoined state

On December 31, 2021, New York Governor Hochul signed into law S5724-A which reduces the annual rate of interest on judgments arising out of a consumer debt where the defendant is a natural person from 9% to 2%.  The laws take effect 120 days from the Governor’s signature, which is April 30, 2022.

For purposes

On October 20, 2021, the New York Department of Financial Services published a notice in the New York State Register announcing that it has issued a proposed regulation to implement S 5470–B, which requires consumer-like disclosures for “commercial financing” transactions of $2.5 million or less.  Comments on the proposal must be submitted by December

At the end of last month, former New York Governor Cuomo signed into law a bill that amends the state’s Banking Law to require banks to follow certain check processing practices.  The amendments become effective on January 1, 2022.

The new law applies to “consumer checking accounts” offered by “banking institutions.” “Consumer checking accounts” are

On December 23, 2020, New York Governor Andrew Cuomo signed into law S 5470B, which requires consumer-like disclosures for “commercial financing” transactions of $500,000 or less.  New York’s commercial financing law (NYCFL) states that it takes effect on the 180th day after becoming law, which is June 21, 2021.

Coverage

Recent amendments to NYC’s debt collection rules impose new requirements relating to consumers’ language proficiency.  Following an overview, we take a close look at the specific requirements and their applicability to first- and third-party collections, discuss the DCA’s authority, availability of federal preemption, and compliance challenges, and offer thoughts on best compliance practices.

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Several industry trade groups have sent a letter to the New York City Department of Consumer Affairs (DCA) in which they set forth proposed FAQs to assist compliance with the new requirements relating to consumers’ language proficiency that were recently added to NYC’s existing debt collection regulations and request that the effective date of the

ACA International has reported that after discussions last week with the New York City Department of Consumer Affairs (DCA), the DCA is expected to announce a 60-day enforcement grace period for the new requirements relating to consumers’ language proficiency that were recently added to NYC’s existing debt collection regulations.  The new requirements currently are set

New debt collection rules creating requirements relating to consumers’ language proficiency are set to take effect in New York City on June 27, 2020.  The new rules amend NYC’s existing debt collection regulations applicable to creditors collecting their own debts as well as third-party collection agencies.  Accordingly, the new rules appear to have implications for