The McCain-Dodd Compromise Protects Consumers S. 96, the Y2K reform bill, requires businesses to quickly respond to and fix consumer complaints related to a Y2K problem or failure. Businesses must address consumer complaints swiftly in order to avoid a lawsuit. That is, the target of a potential lawsuit must respond to a complaint within 30 days. If the business agrees to fix the problem, they will then have an additional 60 days to do so before a lawsuit could be filed. Delays cost money, but delays will be avoided by encouraging both consumers and businesses to work out their differences without resorting to litigation.
Negligent companies are in no way let off the hook.
A negligent defendant will be held responsible to the full extent of the law. The bill preserves state evidentiary standards for claims of fraud. The bill does not touch laws related to personal injury and wrongful death claims. That is, such injuries are not limited in any way by the bill. Businesses that acted with specific intent to injure will continue to be jointly and severally liable for all damages.