New York recently enacted the Consumer Credit Fairness Act (or “CCFA”) which significantly impacts the policies and procedures (previously in place for decades in New York) relating to consumer debt collection attempts, including lawsuits filed by alleged creditors or debt-buying companies. These changes are directed only at consumer credit transactions and at present will not…

On April 30, 2022, CPLR 5004 was changed to reflect New York State’s new post judgment interest rate for consumer debt. A “consumer debt” is defined as “any obligation or alleged obligation of any natural person to pay money arising out of a transaction in which the money, property, insurance or services which are the…

Graham & Borgese