New York caps interest rate on money judgments arising from consumer debt

On New Year's Eve, New York's Governor Hochul signed the Fair Consumer Judgment Interest Act, which caps interest rates on money judgments arising out of consumer debt, including medical and student debt, at two percent. The law, which will take effect in four months, will apply to all money judgments arising from consumer debt, including judgments that are not yet fully paid and satisfied as of the effective date of the act. An earlier press release, here, from the Community Service Society has more information about the new law.