Yesterday, New York Attorney General, Letitia James, announced legislation, The Fostering Affordability and Integrity through Reasonable Business Practices, or FAIR Business Practices Act, a program bill designed to expand New York's consumer protection law, GBL §349, to prohibit unfair or abusive (as opposed to just deceptive business) acts and practices.
James made clear in her announcement that the move was designed to step in where the Federal government was pulling back. She specifically indicated that the legislation, if passed, would help: (1) protect New Yorkers from a wide array of scams, including deed theft, artificial intelligence (AI)-based schemes, online phishing scams, hard-to-cancel subscriptions, junk fees, data breaches; (2) help stop lenders, including auto lenders, mortgage servicers, and student loan servicers, from deceptively steering people into higher cost loans; and (3) reduce unnecessary and hidden fees, stop unfair billing practices by health care companies, and prevent companies from taking advantage of New Yorkers with limited English proficiency.
This legislation has been introduced in the State Senate and State Assembly, and Attorney General James promised to help it advance.
We will keep you updated!
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