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Assembly Bill A2098

2011-2012 Legislative Session

Provides that a consumer reporting agency may not consider that a person requested a rate quote when determining that person's credit score

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2011-A2098 (ACTIVE) - Details

Law Section:
General Business Law
Laws Affected:
Amd ยง380-j, Gen Bus L
Versions Introduced in 2009-2010 Legislative Session:
A9383, A3538

2011-A2098 (ACTIVE) - Summary

Provides that a consumer reporting agency may not consider that a person requested a rate quote when determining that person's credit score.

2011-A2098 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2098

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 13, 2011
                               ___________

Introduced by M. of A. KAVANAGH -- read once and referred to the Commit-
  tee on Consumer Affairs and Protection

AN  ACT  to  amend  the  general business law, in relation to the use of
  credit risk scores

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  380-j  of the general business law is amended by
adding a new subdivision (h) to read as follows:
  (H) IN CONNECTION WITH PROVIDING A HOME MORTGAGE OR  AUTO  LOAN  TO  A
CONSUMER,  NO USER OF A CONSUMER REPORT IN THIS STATE SHALL USE A CREDIT
RISK SCORE CREATED BY A  CREDIT  REPORTING  AGENCY  OR  A  CREDIT  SCORE
PROVIDER  IF SUCH CREDIT RISK SCORE USES ANY OF THE FOLLOWING AS A NEGA-
TIVE FACTOR IN ITS CREDIT SCORING METHODOLOGY:
  (1) CREDIT INQUIRIES  NOT  INITIATED  BY  THE  CONSUMER  OR  INQUIRIES
REQUESTED BY THE CONSUMER FOR HIS OR HER OWN CREDIT INFORMATION; OR
  (2)(I)  USER INQUIRIES IN CONNECTION WITH A HOME MORTGAGE OR AUTO LOAN
INITIATED BY A CONSUMER, IF CODED BY THE CONSUMER  REPORTING  AGENCY  ON
THE CONSUMER'S CREDIT REPORT AS BEING FROM THE HOME MORTGAGE INDUSTRY OR
THE AUTO LENDING INDUSTRY, AND
  (II)(A)  MADE  DURING  THE PERIOD OF THIRTY DAYS PRIOR TO EACH SCORING
DATE (THE "BUFFER PERIOD"); OR
  (B) MADE DURING THE ELEVEN  MONTH  PERIOD  IMMEDIATELY  PRECEDING  THE
BUFFER  PERIOD,  UNLESS  ALL SUCH INQUIRIES MADE WITHIN ANY PERIOD OF AT
LEAST FOURTEEN DAYS DURING SUCH ELEVEN MONTH PERIOD (EACH SUCH PERIOD OF
AT LEAST FOURTEEN DAYS IS REFERRED TO AS A "DE-DUPLICATION PERIOD")  ARE
COUNTED AS A SINGLE INQUIRY, AS FOLLOWS:
  (I)  THE  FIRST  DE-DUPLICATION  PERIOD SHALL START ON THE DATE OF THE
FIRST INQUIRY OF THE HOME MORTGAGE INDUSTRY OR THE AUTO LENDING INDUSTRY
PRIOR TO THE BUFFER PERIOD; AND

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00079-01-1

A. 2098                             2

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