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Senate approves bill restricting confessions of judgment under $5 million after floor debate
Summary
The New York State Senate passed legislation banning confessions of judgment under $5,000,000, with lawmakers divided over whether the change helps consumers or hurts small lenders and startups.
The New York State Senate passed a bill restricting confessions of judgment under $5,000,000 after a floor debate that divided members along lines of consumer protection and small‑business finance.
Supporters said the measure protects consumers and small businesses from abusive collection practices; opponents warned it will make small loans harder to obtain. The final roll call showed 39 ayes and 22…
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