Relates to the attorney general's ability to protect New Yorkers from unfair, deceptive and abusive business practices; repealer

◆ The sponsor's argument

Why Leroy Comrie says this is needed

This legislation is a negotiated change to the underlying chapter. The "Fostering Affordability and Integrity through Reasonable (FAIR) busi- ness practices act" ("the FAIR Business Practices Act" or "underlying chapter") updates the Attorney General's powers to enforce New York's consumer protection laws by adding federal authorities that are present- ly at risk of falling into disuse. The underlying chapter brings the Attorney General's consumer protection authority into line with now-47 states that outlaw unfair business prac- tices, and updates enforcement mechanisms not touched since 1980. It also augments the Attorney General's powers to protect consumers and businesses in the wake of the federal government's attempted dismantle- ment of the Consumer Financial Protection Bureau (CFPB protected New Yorkers from abusive acts perpetrated by businesses). The Attorney General's Office anticipates that the statute will help stop a range of unscrupulous business practices that cost New Yorkers more money, such as lenders, including auto lenders, mortgage servicers, and student loan servicers that deceptively steer borrowers into higher cost loans. The new law will also 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 is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.