Model Statute of Limitations Reform Act (2015)

Model Statute of Limitations Reform Act (2015) establishes a three-year limitations period for collection of consumer debt, irrespective of the applicable cause of action.  A debt is extinguished after that period, and a payment or affirmation of the debt does not extend the limitations period, and a contractual choice of law cannot extend the period.  A five-year limitations period Is set for actions upon a judgment against the consumer.