senate Bill S8155

2017-2018 Legislative Session

Prohibits a consumer reporting agency or lender from using certain information to determine an individual's credit worthiness

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Consumer Protection Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Apr 11, 2018 referred to consumer protection

Co-Sponsors

S8155 (ACTIVE) - Details

See Assembly Version of this Bill:
A5106
Current Committee:
Senate Consumer Protection
Law Section:
General Business Law
Laws Affected:
Amd §§380-a & 380-j, Gen Bus L; amd §§2 & 352, Bank L
Versions Introduced in Other Legislative Sessions:
2015-2016: S6853, A9150
2019-2020: S2302, A5294

S8155 (ACTIVE) - Summary

Prohibits a consumer reporting agency or lender from using the credit scores of members of an individual's social network to determine the credit worthiness of such individual.

S8155 (ACTIVE) - Sponsor Memo

S8155 (ACTIVE) - Bill Text download pdf


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

                                  8155

                            I N  S E N A T E

                             April 11, 2018
                               ___________

Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
  printed to be committed to the Committee on Consumer Protection

AN ACT to amend the  general  business  law  and  the  banking  law,  in
  relation  to  prohibiting  a  consumer reporting agency or lender from
  using certain information to determine an individual's credit  worthi-
  ness

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

  Section 1. Section 380-a of the general business  law  is  amended  by
adding a new subdivision (u) to read as follows:
  (U) THE TERM "MEMBERS OF A CONSUMER'S SOCIAL NETWORK" MEANS A GROUP OF
INDIVIDUALS  AUTHORIZED  BY  A  CONSUMER TO BE PART OF HIS OR HER SOCIAL
MEDIA COMMUNICATIONS AND NETWORK.
  § 2. Section 380-j of the general business law is amended by adding  a
new subdivision (h) to read as follows:
  (H)  NO  CONSUMER REPORTING AGENCY SHALL COLLECT, EVALUATE, REPORT, OR
MAINTAIN IN THE FILE ON A CONSUMER THE CREDIT WORTHINESS, CREDIT  STAND-
ING  OR  CREDIT CAPACITY OF MEMBERS OF THE CONSUMER'S SOCIAL NETWORK FOR
PURPOSES OF DETERMINING THE CREDIT WORTHINESS OF THE CONSUMER; THE AVER-
AGE CREDIT WORTHINESS, CREDIT STANDING OR CREDIT CAPACITY OF MEMBERS  OF
THE  CONSUMER'S  SOCIAL  NETWORK;  OR  ANY  GROUP  SCORE THAT IS NOT THE
CONSUMER'S OWN CREDIT WORTHINESS, CREDIT STANDING  OR  CREDIT  CAPACITY.
THE PROVISIONS OF THIS SUBDIVISION SHALL BE ENFORCED CONCURRENTLY BY THE
SUPERINTENDENT OF FINANCIAL SERVICES AND THE DIRECTOR OF THE DIVISION OF
CONSUMER  PROTECTION AND EACH SHALL UTILIZE THEIR CONSUMER COMPLAINT AND
ASSISTANCE HOTLINES TO DOCUMENT COMPLAINTS BY CONSUMERS WHO BELIEVE THAT
GROUP CREDIT RATINGS OF THEIR SOCIAL MEDIA NETWORK  ARE  BEING  USED  TO
DENY THEM CREDIT.
  §  3. Section 2 of the banking law is amended by adding a new subdivi-
sion 31 to read as follows:
  31. MEMBERS OF A BORROWER'S SOCIAL NETWORK. THE  TERM  "MEMBERS  OF  A
BORROWER'S  SOCIAL NETWORK" MEANS A GROUP OF INDIVIDUALS AUTHORIZED BY A
BORROWER TO BE PART OF  HIS  OR  HER  SOCIAL  MEDIA  COMMUNICATIONS  AND
NETWORK.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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