Post Judgment Interest, New York State's New Law, What Now?
Legal Learning Webinar
New York’s Fair Consumer Judgement Interest Act (FCJIA), amends Section 5004 of the civil practice law and rules, and lowers the post judgement interest rate for consumer debt (only) from 9% to 2%, retroactively. This new law prompted several credit unions to file a class action against those who would enforce this law and judgement rates, including New York Chief Administrative Judge! In addition to the onerous task of recalculating the post-judgement interest due creditors, at their own expense creditors and their counsel will be required to file amended executions to reflect the recalculated interest and total judgment. During this webinar, New York creditors rights attorney Scott Morris in discussion with NCBA’s Nathan Willner, will breakdown the history of this law, how this law affects creditors and lawyers’ practices, constitutional considerations, legal theories and elements of the suit filed challenging the law, where this issue stands today, and why this problematic NY law could be a basis for similar legislation in other jurisdictions.
If this NY issue was not enough, during this webinar another recent NY ruling rendered in UPSOLVE, INC., et al. v. LETITIA JAMES (NY AG) No. 22-cv-627 (PAC) allows non-attorneys to render legal advice to consumers in debt collection litigation. Listen as our presenters dissect what’s behind this ruling, the serious unintended consequences and long term ramifications for industry and the practice of law.
National Creditors Bar Association is a national provider of legal educational content. NCBA’s goal is to provide its members with as many opportunities as possible to earn Continuing Legal Education (CLE) credits. Some NCBA webinars state that they are pending approval. If a webinar is pending approval, it means that NCBA’s education staff is awaiting confirmation of approval for CLE credit from the accrediting body of a particular state; it should be noted that individual states have different response and approval rates. NCBA expects that the course will be approved for the credit amount and type listed, but approval is not guaranteed. An attorney can still take the course at their own discretion, though.
It is not uncommon for a course which is pending approval to not be approved until after the webinar has taken place. Once an official decision notice arrives from the state, NCBA will notify attorneys who have completed the course as soon as possible via email, and will re-issue any certificates of completion to reflect the updated state reporting numbers. However, it is recommended that attorneys do not view webinars that are pending approval close to their CLE deadline, as NCBA cannot guarantee that a course will be approved in time.
National Creditors Bar Association will seek MCLE accreditation, with the assistance of the ABA MCLE, for this webinar. NCBA will seek General CLE credit hours in 60-minute-hour states, and in 50-minute states, subject to each state’s approval and credit rounding rules. States typically decide whether a program qualifies for MCLE credit in their jurisdiction 4-8 weeks after the program application is submitted. For many live events, credit approval is not received prior to the program. A link for CLE requests will be provided to webinar attendees who have met the attendance and engagement requirements.