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
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Nov 25, 2019 signed chap.540
Nov 19, 2019 delivered to governor
Jun 20, 2019 returned to assembly
passed senate
3rd reading cal.546
substituted for s2302
May 30, 2019 referred to consumer protection
delivered to senate
passed assembly
May 23, 2019 advanced to third reading cal.415
May 21, 2019 reported
May 14, 2019 reported referred to codes
Feb 08, 2019 referred to consumer affairs and protection

Co-Sponsors

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Multi-Sponsors

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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

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.

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.