State lawmakers have worked to pass a package of bills to help protect credit card consumers in the midst of the financial strain brought on by the pandemic.
These measures will provide added protection and boost current protection for consumers.
The bills include:
Reduction of the statute of limitations for a consumer’s credit actions from six years to three years in order to avoid lawsuits on old debt;
Interests rates being cut from 9% to 2% on uncollected consumer debt including medical debt;
Barring contracts for purchase or lease of goods from being set in far-flung locations that intentionally make it harder for a consumer to respond if they’re facing legal action in a dispute;
Ensuring guardianship petitions for people in nursing homes to protect them from coerce settlements when collecting unpaid debt.
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