Relates to prohibiting the inclusion of a confession of judgment in a contract or agreement for a financial product or service

This bill prohibits financial service providers from including "confession of judgment" clauses in contracts for most financial products or services. A confession of judgment clause allows a lender to automatically obtain a court judgment against a borrower without a trial. The law applies to contracts for financial products regulated by New York's financial services superintendent (like loans, credit cards, or insurance), but excludes federally regulated products (e.g., some securities) or products covered by other state consumer protections. It takes effect 90 days after enactment.