Vote: Floor vote
NY SenateJun 2, 2026Result: passed
(39) (22) (0) (2)
Senate bill · S1477 (2025-26)
Relates to the purchase of claims by corporations or collection agencies
New York State Senate
Same as A643, the matching bill in the Assembly.
Latest action Jun 2, 2026
Sponsor: Liz Krueger (State Senator, District 28, Democratic/Working Families)
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From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 29, 2026. About our data
Summary
Relates to the purchase of claims by corporations or collection agencies; relates to the inference of an assignee's intent and purpose in taking an assignment of a claim against an obligor that is not an eligible obligor.
Summary from NY Open Legislation. How we handle summaries
Amends the Judiciary Law.
Purpose, from the sponsor's memo
Relates to the purchase of claims by corporations or collection agen- cies.
Filed with the bill. Read it on nysenate.gov (opens in a new tab)
Where it stands
Passed one of the two chambers; it still needs the other.
- Introduced
- In committee
- Up for a vote
- Passed one chamber
- Passed
- Enacted
Committee
Judiciary · New York State Assembly
Also referred to Judiciary · New York State Senate.
Your position on this bill
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Cosponsors
Showing the cosponsors who are on Agora, A to Z. The official record may list more.
Read on NY Senate (opens in a new tab)- Democratic53
Shown in neutral colors by design; Agora is non-partisan.
- Albert A. Stirpe
- Alex Bores
- Alicia Hyndman
- Amanda Septimo
- Andrew Hevesi
- Anna Kelles
- Catalina Cruz
- Chantel Jackson
- Chris Burdick
- Claire Valdez
- Cordell Cleare
- Dana Levenberg
Show the full list (53 names)Show fewer cosponsors
- David Weprin
- Demond Meeks
- Diana Moreno
- Emerita Torres
- Emily Gallagher
- Gabriella Romero
- George Alvarez
- Grace Lee
- Jabari Brisport
- Jeffrey Dinowitz
- Jen Lunsford
- Jessica Ramos
- Jo Anne Simon
- Jonathan Rivera
- José M. Serrano
- Julia Salazar
- Karen McMahon
- Karines Reyes
- Linda Rosenthal
- Luis R. Sepúlveda
- Manny De Los Santos
- Marcela Mitaynes
- Maritza Davila
- MaryJane Shimsky
- Nader Sayegh
- Nathalia Fernandez
- Nikki Lucas
- Nily Rozic
- Pete Harckham
- Phara Souffrant Forrest
- Phil Steck
- Philip Ramos
- Rebecca Seawright
- Robert C. Carroll
- Sarah Clark
- Sarahana Shrestha
- Steven Raga
- Tony Simone
- William Magnarelli
- Yudelka Tapia
- Zellnor Myrie
The sponsor's argument
Why Liz Krueger says this is needed
For years, vulture hedge funds have built their wealth off struggling nations by using the same playbook - they bet on a nation's economic failure and engage in predatory practices that increase poverty and get in the way of economic recovery. These hedge funds have made billions in profits while leaving nations with unsurmountable debts and a destabi- lized economy. Approximately half of sovereign debt contracts are governed by New York law, meaning if we change the law, we change the rules by which these hedge funds play. The Champerty Doctrine prohibits the purchase of securities or other financial instruments for the sole purpose of litigation. This bill will strengthen this provision and eliminate the safe harbor for transactions over $500,000 to prevent vulture funds from profiteering from countries' debt at the expense of people. The scope of the bill is carefully tailored to narrowly focused on blocking litigation brought by institutions whose history implies that they buy debt instruments of financially distressed borrowers with the express intention of pursuing a preferential recovery vis-a-vis other similarly situated creditors. In the revised bill, no such implication would be drawn in the case of conventional investors even if circum- stances in a particular case result in the investor pursuing its legal remedies.
This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.
Recorded votes
Vote: Committee vote · Finance
Senate FinanceMay 19, 2026Result: passed
(14) (6) (0) (2)Vote: Committee vote · Judiciary
Senate JudiciaryMar 31, 2026Result: passed
(13) (6) (0) (0)Vote: Floor vote
NY SenateJun 4, 2025Result: passed
(36) (22) (0) (5)Vote: Committee vote · Rules
Senate RulesMay 29, 2025Result: passed
(13) (7) (0) (1)
Full history
- Jun 2, 2026
Sent to the executive
DELIVERED TO ASSEMBLY
NY Senate
- Jun 2, 2026
Passed a chamber
PASSED SENATE
NY Senate
- Jun 2, 2026
Referred to committee
REFERRED TO JUDICIARY
NY Assembly
- May 27, 2026
Amend and Recommit to Judiciary
AMEND AND RECOMMIT TO JUDICIARY
NY Assembly
- May 27, 2026
Amended
AMENDED ON THIRD READING 1477A
NY Senate
Show full history (15 earlier events)Show less history
- May 21, 2026
Advanced to Third Reading
ADVANCED TO THIRD READING
NY Senate
- May 20, 2026
2ND Report CAL.
2ND REPORT CAL.
NY Senate
- May 19, 2026
1ST Report CAL.1199
1ST REPORT CAL.1199
NY Senate
- Mar 31, 2026
Reported out of committee
REPORTED AND COMMITTED TO FINANCE
NY Senate
- Jan 7, 2026
Died in Assembly
DIED IN ASSEMBLY
NY Assembly
- Jan 7, 2026
Referred to committee
REFERRED TO JUDICIARY
NY Senate
- Jan 7, 2026
Referred to committee
REFERRED TO JUDICIARY
NY Assembly
- Jun 4, 2025
Sent to the executive
DELIVERED TO ASSEMBLY
NY Senate
- Jun 4, 2025
Passed a chamber
PASSED SENATE
NY Senate
- Jun 4, 2025
Referred to committee
REFERRED TO JUDICIARY
NY Assembly
- May 29, 2025
In committee
COMMITTEE DISCHARGED AND COMMITTED TO RULES
NY Senate
- May 29, 2025
Ordered to Third Reading CAL.1474
ORDERED TO THIRD READING CAL.1474
NY Senate
- May 5, 2025
Amend and Recommit to Judiciary
AMEND AND RECOMMIT TO JUDICIARY
NY Assembly
- Jan 10, 2025
Referred to committee
REFERRED TO JUDICIARY
NY Senate
- Jan 8, 2025
Referred to committee
REFERRED TO JUDICIARY
NY Assembly
Read the record
- Read on NY Senate (opens in a new tab) The official record on nysenate.gov.