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Alston & Bird

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New York’s FAIR Act: What Financial Services Compliance Teams Must Know | Of Interest

What Happened? As we highlighted in March following its introduction, the New York’s Fostering Affordability and Integrity through Reasonable Business New York’s Fostering Affordability and Integrity through Reasonable Business Practices (“FAIR”) Act represents a fundamental transformation of the state’s consumer protection framework, expanding enforcement authority beyond “deceptive” practices to include “unfair” and “abusive” acts. The FAIR Act has passed the legislature and awaits the governor’s signature.  The Fair Act will take effect 60 days following its enactment.