Gov. Signs Information Subpoena Bill into Law

ALBANY, NY (08/05/2011)(readMedia)-- Governor Andrew Cuomo has signed into law legislation sponsored by Assemblyman Joseph Lentol (D-Metropolitan) and Senator Stephen Saland (R-Catskill/Hudson)(A.6875/S.4530) that will establish stricter guidelines for creditors serving information subpoenas.

This legislation was a priority issue for the Credit Union Association of New York this legislative session due to the number of credit unions that have been inundated with information subpoena requests by law firms and debt collectors seeking to enforce a money judgment.

The new law will deter frivolous subpoenas by imposing record keeping requirements on debt collectors and giving both private parties and the Attorney General the power to seek fines against the worst offenders.

"On behalf of the Association and our member credit unions, I applaud Governor Cuomo for signing this important legislation." said William J. Mellin, president and CEO of the Credit Union Association of New York. "Our thanks also go out to Senator Saland and Assemblyman Lentol for championing this bill in the Legislature."

The Credit Union Association of New York has served as the trade association for the state's credit unions for 94 years. New York credit unions have assets of more than $53 billion and serve 4.5 million members. To learn more about the Association, visit www.cuany.org.

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