Prohibits the inclusion of a confession of judgment in contracts for financial products or services.

This bill amends the general business law to prohibit the inclusion of a confession of judgment in any contract or agreement for a financial product or service. The prohibition applies to products or services regulated by the superintendent of financial services or other state agencies for consumer or investor protection. The bill defines "financial product or service" and "financial product or service regulated for the purpose of consumer or investor protection." The act will take effect 90 days after it becomes law.

Prohibits the inclusion of a confession of judgment in contracts for financial products or services.

This bill amends the general business law to prohibit the inclusion of a confession of judgment in any contract or agreement for a financial product or service. The prohibition applies to products or services regulated by the superintendent of financial services or other state agencies for consumer or investor protection. The bill defines "financial product or service" and "financial product or service regulated for the purpose of consumer or investor protection." The act will take effect 90 days after it becomes law.