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History
- Referred to codes
- Referred to codes
Companion bill
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Increases penalties for failure to execute and file satisfied judgments with clerk
In Assembly Committee · Judiciary · Sponsor Linda Rosenthal
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the civil practice law and rules, in relation to increasing penalties for failure to execute and file satisfied judgments with the court clerk
Purpose
This bill would raise the fine (from $100 to $1000) on people who do not execute and file satisfied judgments with the court clerk. The goal is to encourage individuals to file so that it will be less likely that someone will have false strikes on their credit report.
Summary of provisions
Section one amends subdivision ( c) of section 5020 of the civil practice law a rules to raise the fine for failing to execute and file a satisfied judgment with the proper clerk from one hundred to one thousand dollars.
Section two sets out the effective date.
Justification
This bill amends the Civil Practice Law and Rules and affects every civil judgment. Under current law, an individual who receives a satisfied judgement from the court must file a satisfaction of judgment. Most entities such as credit card companies do this as a matter of standard business practice because such satisfactions (or lack thereat) are picked up by credit bureaus. If the entity does not file a satisfaction (even if they got one) and the credit bureau picks it up, then the credit rating of the individual involved in the dispute is affected.
At issue now is the fact that the judgments in housing court and elsewhere are starting to be picked up by credit rating agencies. However, many landlords often fail to file a satisfaction of judgment and so judgments can end up on a tenant's credit report as unpaid, even if that is not true. This bad credit rating disproportionately affects low income citizens because it means that they must pay more for things such as credit cards, car loans and mortgages.
This legislation will most likely affect housing disputes since most other businesses automatically file a satisfaction of judgment. The goal is to increase tines and therefore give landlords and other entities a greater incentive to remember to file satisfactions of judgment. This will result in a decrease in the number of individuals whose credit ratings are affected by a claimant's failure to file a satisfaction of judgment.
Fiscal implications
None.
Effective date
This act shall take effect on the one hundred eightieth day after it shall become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.