Requires employment and consumer dispute arbitrations to be submitted to neutral third party arbitrators, and establishes prohibited arbitration agreements and provisions
What changed between versions
The definition of 'Employment' was updated to exclude corporate officers and individuals working under individually negotiated contracts, limiting the protections to standard employees.
New definitions for 'Consumer dispute' were added to clarify that it covers disputes over property, services, or credit for personal, family, or household purposes.
Arbitration clauses requiring a non-neutral arbitrator for employment or consumer disputes are now explicitly deemed void.
Arbitrators handling employment or consumer disputes must disclose any financial interests or past relationships that could affect their impartiality before accepting the appointment.
A new 30-day deadline was added for parties to object to an arbitrator after receiving a disclosure, after which the objection is waived.
The bill establishes that failure to disclose a known conflict of interest can be grounds for a court to overturn (vacate) an arbitration award.
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