Assembly Bill A5294

Signed By Governor
2019-2020 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 - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-A5294 (ACTIVE) - Details

See Senate Version of this Bill:
S2302
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: A9150, S6853
2017-2018: A5106, S8155

2019-A5294 (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.

2019-A5294 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5294
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 8, 2019
                                ___________
 
 Introduced  by M. of A. CRESPO -- Multi-Sponsored by -- M. of A. ARROYO,
   BARRON, COLTON, COOK, DAVILA, DICKENS,  EPSTEIN,  HEVESI,  KIM,  McDO-
   NOUGH,  MONTESANO,  MOSLEY,  PICHARDO, RAIA, RAMOS, RIVERA, RODRIGUEZ,
   SIMON, WALLACE, WEPRIN, WRIGHT  --  read  once  and  referred  to  the
   Committee on Consumer Affairs and 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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