Proposed Citizens Y2K Financial Protection Act

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The Cassandra Project has recently put forward at the state level 'Citizens Y2K Financial Protection Act'; a bill that would limit or place a moratorium on foreclosures, repossessions, evictions, utility shutoffs, etc., over the century-date-change time period.

In draft is also 'Citizens Y2K Healthcare Assurance Act,' which would guarantee medical care in the event Medicaid/Medicare or private medical insurance programs experience financial or records problems.

The 'Citizens Y2K Individual and Community Support Act' (in draft), would require cities or towns to provide a clearinghouse for Y2K preparedness activities and information, and allow individuals to deduct a portion of preparing their homes (e.g., purchase of generators if you have a medical need for one); and deduct the costs of attending Y2K preparedness education seminars, first aid and CPR classes, etc. It would also allow neighborhood groups to deduct the cost of printing, advertising and sponsoring local Y2K preparedness education seminars.


WHEREAS, Our society is heavily reliant upon computers, technology and the rapid transfer and exchange of accurate information and data via electronic means, and relies heavily upon computer technology for most all aspects of daily living and business, and

WHEREAS, It is recognized and understood universally that the rapid growth of technology has often outpaced the equipment, software and hardware that our society utilizes for the exchange and transfer of data and other information, and,

WHEREAS, It is apparent in our society that computer technology which was principally utilized a few years ago and is a major operational basis for much of our current hardware and software, contains an operational basis that may not recognize the change in our calendars beyond the year 1999, such that in the year 2000, many computer-based systems may fail or cause incorrect data information to be processed. This deficiency in computers world wide is often referred to as the Y2K Bug and may cause significant problems with the exchange of data and information in the year 2000 and beyond.

THEREFORE, In order to exercise the duty of this lawmaking body to protect its citizenry, this law is hereby enacted as part of this body's duty to the citizens of this State and shall be known as the



* [as needed]

1. No entity or citizen of [this state] or who transacts business with the citizens of [this state] on matters directly or indirectly affecting property, mortgages, credit accounts, banking and/or financial transactions of persons, tangible or intangible property or property interests in this State shall cause or permit a foreclosure, default or other adverse action against any person as a result of the improper or incorrect transmission or inability to cause transaction to occur, which is caused wholly or in part to a failure or inability to accurately or timely process any information or data, payment, transfer or processing of same, due directly or indirectly to the failure or malfunction of any computer processor to accurately or properly recognize, calculate, display, sort or otherwise process dates or times or other data as a consequence of such system to incorrectly process the proper date which may result in inaccurate, incorrect operations or applications, or inability to operate.

2. Further, no such person or entity may take any adverse or enforcement action whether based on contract or otherwise against any person or entity who is unable to cause payment, acts, forbearance, or other transaction in a timely manner, to occur where such failure or inability of such

obligor to access or receive funds or to otherwise cause a proper transaction to occur, is due wholly or in party to the inability of either party to have such necessary data, information, payments, fund transfer, checking or other such financial transaction to occur, where it is due to the obligor's inability to properly account or the obligee's inability to access or cause their source of such transaction to occur properly.

3. The prohibition of such enforcement of obligations, shall apply particularly, but not exclusively to, mortgages, contracts, landlord tenant relations, consumer credit obligations, utilities and banking transactions.

4. No enforcement shall resume until said obligor has a reasonable time after the full restoration of the ability to regularly receive and dispense necessary financial transactions relative to such obligations.

5. This law shall not affect those transactions upon which such default has occurred prior to any such disruption of financial or data transfer operations upon either party, from whatever source or case such disruption has occurred.

6. This law shall not dissolve but shall only suspend the enforcement of such obligations.

7. This law shall prohibit the negative entry to any credit reporting agency, which operates in [this state], in whole or in part, of any negative credit information which is due in whole or in part to the disruption of the otherwise proper processing of financial responsibilities and information, or the inability of the consumer to cause payments to be made to creditors where such inability is due in whole or in part to the disruption or otherwise malfunctioning of computer processing, banking or other related matters.

8. This law shall remain in effect until December 31, 2006 or such other extensions as approved by this legislative body.

9. All other laws to the contrary, notwithstanding where in the Code of Laws they shall appear, are hereby amended to comply with this law.

By: David C. Cole, ESQ
Atlanta, GA

The Cassandra Project
PO Box 8
Louisville, CO 80027
(303) 664-5227
Permission granted to reproduce.

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