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Assembly passes Consumer Debt Uniformity Act to consolidate rules for consumer claims
Summary
The Assembly approved A.57-B to replace the term "consumer credit transaction" with "consumer debt," unifying statutes of limitation, pleading requirements and notice rules across several court systems; creditor groups warned small businesses could be disadvantaged.
The Assembly passed A.57-B on May 28, a bill that consolidates and standardizes treatment of consumer claims by replacing references to “consumer credit transaction” with the broader term “consumer debt.” Sponsor Epstein said the change creates a unified statutory standard across multiple court statutes and clarifies notice, pleading and…
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