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New York's Consumer Protection Law has been updated for the first time in 45 years with the passage of the Fostering Affordability and Integrity through Reasonable Business Practices Act, or FAIR Business Practices Act. This legislation, championed by Attorney General Letitia James, aims to protect New Yorkers from a variety of scams and unfair practices, including those involving artificial intelligence, deed theft, and predatory lending.
The Act, sponsored by Senator Leroy Comrie and Assemblymember Micah Lasher, strengthens the existing General Business Law §349 by addressing not only deceptive but also unfair and abusive practices. It empowers the Office of the Attorney General (OAG) and affected individuals to pursue civil actions against businesses engaging in such conduct. According to Attorney General James, "The FAIR Business Practices Act will close loopholes that make it easy for New Yorkers to be cheated out of their time and hard-earned money."
The Act also targets deceptive lending practices, such as steering consumers toward higher-cost loans, and aims to reduce hidden fees and unfair billing by healthcare companies. It further protects consumers with limited English proficiency from being exploited.
The update comes amid federal rollbacks on consumer protections, with Senator Elizabeth Warren praising New York's leadership in consumer protection. The Act positions New York alongside 42 other states with similar protections.
The legislation is seen as a critical step in safeguarding New Yorkers' rights and ensuring fair business practices across the state.