S 1477 New York Senate · 2025 Regular Session

Relates to the purchase of claims by corporations or collection agencies

Summary

Relates to the purchase of claims by corporations or collection agencies; relates to the inference of an assignee's intent and purpose in taking an assignment of a claim against an obligor that is not an eligible obligor.

Bill status passed 3 of 5 stages cleared

Introduction

Jan 2025

Committee Review

Jun 2026

Senate Passage

Jun 2026

Assembly Passage

Governor

Introduced Jan 10, 2025 Last action Jun 2, 2026

Maddy AI version diff · 1 comparison

What changed between versions

S1477 → S1477A · 3 edits

MINOR

This bill was amended to add new sponsors and update its legislative history, reflecting its progression through the Senate committees. The most significant substantive change is a shift in the effective date for new interest rate rules regarding claims against foreign governments from May 2024 to January 2026, giving stakeholders more time to adjust.

Scope change

The bill's scope regarding foreign state debt claims remains the same, but the timeline for when the new interest rate rules apply has been extended by approximately 18 months.

TIMELINE

The effective date for the new interest rate calculation on claims against foreign governments was changed from May 15, 2024, to January 1, 2026.

TECHNICAL

New sponsors (Senators Fernandez, Myrie, and Serrano) were added to the list of bill introducers, and the bill was recommitted to the Judiciary Committee.

The bill number was updated from S 1477 to S 1477--A to reflect its amended status.

Floor votes · Senate Jun 4, 2025

How they voted

36–22

Passed · 5 other

Total votes 63

Jun 4, 2025

D Democratic41

36 Yea 5

87% Yea

R Republican22

22 Nay

100% Nay

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Jun 2, 2026

Committee

REFERRED TO JUDICIARY

lower

Jun 2, 2026

Upper · Passed

PASSED SENATE

upper

May 27, 2026

Upper · Passed

AMENDED ON THIRD READING 1477A

upper

Mar 31, 2026

Committee

REPORTED AND COMMITTED TO FINANCE

upper

Jan 7, 2026

Committee

REFERRED TO JUDICIARY

upper

Jun 4, 2025

Committee

REFERRED TO JUDICIARY

lower

Jun 4, 2025

Upper · Passed

PASSED SENATE

upper

May 29, 2025

Committee

COMMITTEE DISCHARGED AND COMMITTED TO RULES

upper

Jan 10, 2025

Committee

REFERRED TO JUDICIARY

upper

1 primary · 9 co-sponsors