New York consumers are one step closer to having stronger protections against deceptive and abusive business practices. The Fostering Affordability and Integrity through Reasonable Business Practices, or FAIR Business Practices Act, which aims to protect consumers and small businesses from unfair, deceptive and abusive practices, was passed by both the Senate and Assembly before the end of the legislative session and is now awaiting Gov. Kathy Hochul’s signature.
“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,” New York Attorney General Letitia James said about its passage. “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.”
Here’s what to know about the legislation now on Hochul’s desk.
How would the FAIR Business Practices Act help New York consumers?
If signed by Hochul, the FAIR Business Practices Act would allow the AG’s Office and individuals impacted by unfair, deceptive or abusive practices to bring a civil case seeking penalties and restitution against those who engage in them, the AG’s Office says.
It’s the first time the state’s consumer protection law has been updated in 45 years, according to James, and will protect New Yorkers from a handful of common schemes and scams, including the following:
What’s next?
Now that the legislation has been passed by the Senate and Assembly, it’ll just take Hochul’s signature to seal the deal. According to the bill’s language, it will take effect on the 60th day after it’s signed into law.
Emily Barnes on consumer-related issues for the USA TODAY Network’s New York Connect Team, focusing on scam and recall-related topics. Follow her on X and Instagram @byemilybarnes. Get in touch at ebarnes@gannett.com.
This article originally appeared on Rockland/Westchester Journal News: What’s in the FAIR Act? NY’s plan to protect consumers, explained
Reporting by Emily Barnes, New York Connect Team / Rockland/Westchester Journal News
USA TODAY Network via Reuters Connect
