Letitia James Proposes Anti-Predatory Lending Act, New York NY, 2023

New York Attorney General Letitia James is leading the charge against deceptive business practices with the introduction of the Fostering Affordability and Integrity through Reasonable Business Practices, or FAIR Business Practices Act.

James asserts that as federal consumer protection agencies weaken, New York must act to shield its citizens from predatory lending, abusive debt collection, junk fees, and other unfair practices. The legislation aims to modernize the state’s consumer protection laws, specifically addressing the outdated GBL §349.

The FAIR Act would empower the Office of the Attorney General (OAG) to seek civil penalties against businesses engaging in unfair practices, including lenders that steer consumers into high-cost loans and healthcare companies with hidden fees. The bill also targets online phishing scams and hard-to-cancel subscriptions, aiming to provide New Yorkers with stronger consumer rights.

“New Yorkers deserve to be treated fairly,” Senator Leroy Comrie stated, emphasizing the need for robust consumer protection in light of federal rollbacks. Assemblymember Micah Lasher echoed this sentiment, emphasizing the importance of modernizing state laws to protect against unfair business practices.

Mario Cilento, President of the New York State AFL-CIO, praised the proposed act, highlighting its relevance amidst federal rollback and technological advancements that have outpaced current consumer protection laws.

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