NY State Senate Bill 2019-S129

Archive: Last Bill Status - In Senate Committee Banks Committee

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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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2020	referred to banks
Jan 09, 2019	referred to banks

2019-S129 (ACTIVE) - Details

Current Committee:: Senate Banks
Law Section:: Financial Services Law
Laws Affected:: Add Art 7 §701, Fin Serv L
Versions Introduced in 2017-2018 Legislative Session:: S6913

2019-S129 (ACTIVE) - Summary

Establishes the credit reporting rights outreach program to educate the public about the rights and obligations of citizens of the state of New York under the federal Equal Credit Opportunity Act; requires an annual report concerning the operation of such program.

2019-S129 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S129

SPONSOR: CARLUCCI
 
TITLE OF BILL:

An act to amend the financial services law, in relation to a public
education program about the rights of consumers

 
PURPOSE:

Directs DFS to implement a program of public education and outreach
informing the public of their rights under the federal Equal Credit
Opportunity Act.

 
SUMMARY OF PROVISIONS:

Section 1 - Directs DFS to implement a program of public education and
outreach informing the public of their rights under the federal Equal
Credit Opportunity Act.

Section 2 - Effective date.

 
JUSTIFICATION:

Recent headlines have been dominated by a massive data breach that
impacted the largest credit-reporting firm in the United States. This
breach is estimated to have effected 143 million Americans, or 44% of
the population. Millions suddenly found that their birthdates, home
addresses, telephone numbers, and, in some cases, even their social
security numbers and drivers license numbers had been leaked.

The implications of such a large scale and egregious breach of consumer
data security are serious. Millions have been exposed to the possibility
of becoming victims of identity theft. This can lead to ongoing credit
problems and major costs to consumers to remedy the damage done. We must
do more to make sure that data breaches are prevented. But just as
important, is making sure consumers and law enforcement have the tools
available to mitigate damage as soon as a breach occurs. This bill, part
of a larger package that will target consumer data breaches at every
stage, will provide one of those tools.

This bill will require the Department of Financial Services to implement
a program of public education and outreach informing the public of their
rights under the federal Equal Credit Opportunity Act. Though federal
law has preempted the ability to regulate credit reporting at the state
level, we must still do all in our power to educate consumers on how to
use this powerful tool to protect themselves and their families from
identity thieves.

 
LEGISLATIVE HISTORY:

2017-18: 86913a - BANKS

 
FISCAL IMPLICATIONS:

None to the state.

 
EFFECTIVE DATE:
Immediately.

2019-S129 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    129
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 9, 2019
                                ___________
 
 Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 AN ACT to amend the financial services law,  in  relation  to  a  public
   education program about the rights of consumers

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The financial services law is amended by adding a new arti-
 cle 7 to read as follows:
                                 ARTICLE 7
                 CREDIT REPORTING RIGHTS OUTREACH PROGRAM
 SECTION 701. CREDIT REPORTING RIGHTS OUTREACH PROGRAM ESTABLISHED.
   § 701.   CREDIT REPORTING RIGHTS  OUTREACH  PROGRAM  ESTABLISHED.  (A)
 THERE  IS  HEREBY  ESTABLISHED  WITHIN THE DEPARTMENT A CREDIT REPORTING
 RIGHTS OUTREACH PROGRAM TO EDUCATE THE PUBLIC ABOUT THE RIGHTS OF  CITI-
 ZENS OF THE STATE OF NEW YORK UNDER THE FEDERAL EQUAL CREDIT OPPORTUNITY
 ACT.
   (B)  THE  SUPERINTENDENT SHALL SUBMIT ON OR BEFORE DECEMBER FIRST NEXT
 SUCCEEDING THE EFFECTIVE DATE OF THIS SECTION AND ANNUALLY THEREAFTER, A
 REPORT TO THE GOVERNOR AND THE LEGISLATURE CONCERNING THE  OPERATION  OF
 THE  CREDIT  REPORTING  RIGHTS PROGRAM. COMMENCING IN THE YEAR AFTER THE
 FIRST YEAR OF SUCH PROGRAM, SUCH REPORTS SHALL INCLUDE THE EXPERIENCE OF
 THE PROGRAM IN PROVIDING OUTREACH AND EDUCATION TO  THE  PUBLIC  ON  THE
 ISSUE  OF  THE  RIGHTS  OF  CITIZENS  OF THE STATE OF NEW YORK UNDER THE
 FEDERAL EQUAL CREDIT OPPORTUNITY ACT.
   § 2. This act shall take effect on the ninetieth day  after  it  shall
 have become a law.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05327-01-9

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Senate Bill S129

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Archive: Last Bill Status - In Senate Committee Banks Committee

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2019-S129 (ACTIVE) - Details

2019-S129 (ACTIVE) - Summary

2019-S129 (ACTIVE) - Sponsor Memo

2019-S129 (ACTIVE) - Bill Text download pdf

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Sponsored By

David Carlucci

Archive: Last Bill Status - In Senate Committee Banks Committee

Actions

2019-S129 (ACTIVE) - Details

2019-S129 (ACTIVE) - Summary

2019-S129 (ACTIVE) - Sponsor Memo

2019-S129 (ACTIVE) - Bill Text download pdf

Comments