State regulation aims to stop credit card companies from suing consumers for old debts
ROCHESTER, N.Y. (WHEC) — New York Attorney General is warning credit card companies and major debt collectors of new state regulations that prevent them from suing consumers for old debts.
Letitia James sent them a letter about the consumer credit fairness act of 2021. It takes effect next month and reduces the statute of limitations for consumer debt collection from six years to three years.
The new state regulations come on the heels of similar nationwide regulations. In her letter, James said the office stands ready to enforce these regulations to protect vulnerable New Yorkers.