NY AG James’ FAIR Act Protects Consumers, Small Biz

New York – The passage of a historic legislation has been hailed by New York Attorney General Letitia James as a beacon of hope for consumers and small businesses. The Fostering Affordability and Integrity through Reasonable Business Practices Act, known as the FAIR Business Practices Act, represents the first significant update to New York’s consumer protection law in over 45 years.

‘Too many New Yorkers are being taken advantage of by mortgage servicers charging unnecessary high fees, debt collectors stealing Social Security benefits, and health insurance companies with unfair billing practices,’ said Attorney General James. The new bill aims to protect consumers from a wide array of common schemes and scams, including predatory lending, data breaches, and deed theft.

‘The FAIR Business Practices Act will close loopholes that make it easy for New Yorkers to be cheated out of their time and hard-earned money,’ Attorney General James continued. The legislation is seen as a crucial step in safeguarding working families from predatory lenders, abusive debt collectors, scammers, and more.

‘For too long, New York’s consumer protection laws have lagged behind the fast-moving tactics used to exploit our communities,’ said Senator Leroy Comrie. The bill updates General Business Law §349, providing consumers and small businesses with the tools they need to combat predatory practices and modern-day scams.

‘Since the general business law was enacted in 1970, our entire society has grown dramatically more complicated, and we have seen the complete revolution of commerce,’ Assemblymember Micah Lasher noted. The FAIR Business Practices Act would help stop lenders from deceptively steering consumers into higher cost loans, reduce hidden fees, and prevent companies from exploiting New Yorkers with limited English proficiency.

The bill also addresses issues such as student loan servicers that steer borrowers into the most expensive repayment plans, car dealers that refuse to return customer ID until deals are finalized, and unfair billing practices by health care companies. The FAIR Business Practices Act marks a significant advancement in protecting New Yorkers from unfair and abusive business acts.

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