Index
State LawNew York

New York Consumer Credit Fairness Act

Summary

Reduced the statute of limitations for debt collection lawsuits from six years to three years.

Rights & Rules

  • 01.
    You cannot be sued for a consumer debt after 3 years has passed since the default.
  • 02.
    Payment on the debt after the 3-year period does not restart the clock (non-revival).

Penalties

  • 01.
    Dismissal of the lawsuit.
  • 02.
    Potential countersuit for deceptive business practices.

Verified Citations

N.Y. CPLR § 214-i

Source
"An action arising out of a consumer credit transaction where a purchaser, borrower or debtor is a defendant must be commenced within three years."