Prohibits entry of judgment by confession for debts under $5,000,000 for personal, family, household, consumer, or non-business purposes.

New York S02305 amends the civil practice law and rules to prohibit the entry of a judgment by confession on amounts due from one or more individuals for personal, family, household, consumer, or non-business purposes. It also prohibits such judgments on debts where the principal amount was less than $5,000,000 at the time the debt was incurred. This act applies to judgments by confession entered upon affidavits filed after its effective date.

Prohibits entry of judgment by confession for debts under $5,000,000 for personal, family, household, consumer, or non-business purposes.

New York S02305 amends the civil practice law and rules to prohibit the entry of a judgment by confession on amounts due from one or more individuals for personal, family, household, consumer, or non-business purposes. It also prohibits such judgments on debts where the principal amount was less than $5,000,000 at the time the debt was incurred. This act applies to judgments by confession entered upon affidavits filed after its effective date.