Coerced Debt Bill Signed
New York Governor Kathy Hochul has signed NY S 1353B into law, and AFSA’s State Government Affairs team have received the final, official chapter amendment. The bill, as originally presented to the governor, raised significant concerns for AFSA members. Over the past months, AFSA SGA sent a letter to the governor’s office in September outlining the bill’s far‑reaching implications and requested specific changes in New York’s unique chapter amendment process. As well, AFSA met with the governor’s staff, the staff of the sponsoring state legislator, and others, to communicate the implications of the bill’s language for secured credit, and the potential roadmap for fraud. All the while, AFSA made clear our support for the victims of fraud who the bill’s sponsor was working to protect.
In the end, AFSA appreciates the time and consideration Governor Hochul’s office provided, and for incorporating many of AFSA’s suggested language changes to improve the proposal.
December 23rd, 2025
