New York A 643: Relates to the purchase of claims by corporations or collection agencies

Bill Text

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A00643 Summary:

BILL NOA00643B

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SAME ASSAME AS S01477-A

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SPONSORGonzalez-Rojas

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COSPNSRDavila, Weprin, Gallagher, Shrestha, Reyes, Epstein, Septimo, Rosenthal, Simone, Shimsky, Lucas,
 Raga, De Los Santos, Simon, Meeks, Burdick, Magnarelli, Kelles, Hyndman, Steck, Rozic, Lee,
 Mitaynes, Romero, Valdez, Levenberg, Alvarez, Jackson, Stirpe, Tapia, Cruz, Forrest, Hevesi,
 Lunsford, Dinowitz, Rivera, Moreno, Seawright, Bores, Sayegh, Carroll R, McMahon, Clark, Ramos,
 Torres

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MLTSPNSR

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Amd §489, Judy L; amd §5004, CPLR

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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.

Go to top A00643 Actions:

BILL NOA00643B

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01/08/2025referred to judiciary

05/05/2025amend and recommit to judiciary

05/05/2025print number 643a

01/07/2026referred to judiciary

05/27/2026amend and recommit to judiciary

05/27/2026print number 643b

Go to topA00643 Committee&nbspVotes:

Go to topA00643 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA00643 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 643--B

 2025-2026 Regular Sessions

 IN ASSEMBLY

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by M. of A. GONZALEZ-ROJAS, DAVILA, WEPRIN, GALLAGHER, SHRES-
 THA, REYES, SEPTIMO, ROSENTHAL, SIMONE, SHIMSKY, LUCAS, RAGA,
 DE LOS SANTOS, SIMON, MEEKS, BURDICK, MAGNARELLI, KELLES, HYNDMAN,
 STECK, ROZIC, LEE, MITAYNES, ROMERO, VALDEZ, LEVENBERG, ALVAREZ, JACK-
 SON, STIRPE, TAPIA, CRUZ, FORREST, HEVESI, LUNSFORD, DINOWITZ, RIVERA,
 MORENO, SEAWRIGHT, BORES, SAYEGH, R. CARROLL, McMAHON, CLARK -- read
 once and referred to the Committee on Judiciary -- committee
 discharged, bill amended, ordered reprinted as amended and recommitted
 to said committee -- recommitted to the Committee on Judiciary in
 accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill
 amended, ordered reprinted as amended and recommitted to said commit-
 tee

 AN ACT to amend the judiciary law and the civil practice law and rules,
 in relation to the purchase of claims by corporations or collection
 agencies and to certain instruments calling for payment of a monetary
 obligation by a foreign state

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Legislative intent. The intended purpose of this act is to
 2 restore the champerty defense in sovereign debt lawsuits for claims
 3 greater than $500,000 with respect to suits brought by litigious holdout
 4 investors. The restoration is not intended to apply to conventional and
 5 generally cooperative investors who may occasionally choose to sue,
 6 where "conventional investors" includes investors that regularly buy and
 7 hold sovereign debt purchased in the primary market and "cooperative
 8 investors" includes distressed debt investors that regularly purchase
 9 debt at a discount in the secondary market and have a record of support-
 10 ing the consensual resolution of sovereign debt distress through serving
 11 as a member of creditor committees or by generally participating in
 12 transactions accepted by other creditors following a negotiation.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02058-07-6

 A. 643--B 2

 1 § 2. Subdivision 2 of section 489 of the judiciary law, as added by
 2 chapter 394 of the laws of 2004, is amended to read as follows:
 3 2. Except as set forth in subdivision three of this section, the
 4 provisions of subdivision one of this section shall not apply to any
 5 assignment, purchase or transfer hereafter made of one or more bonds,
 6 promissory notes, bills of exchange, book debts, or other things in
 7 action, or any claims or demands, if such assignment, purchase or trans-
 8 fer included bonds, promissory notes, bills of exchange and/or book
 9 debts, issued by or enforceable against the same eligible obligor
 10 (whether or not also issued by or enforceable against any other eligible
 11 obligors), having an aggregate purchase price of at least five hundred
 12 thousand dol