Senate Bill S2539

2019-2020 Legislative Session

Relates to regulation of consumer reporting agencies

download bill text pdf

Sponsored By

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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2019-S2539 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Financial Services Law
Laws Affected:
Add Art 7 §§701 - 705, Fin Serv L
Versions Introduced in Other Legislative Sessions:
2017-2018: S6878
2021-2022: S5807
2023-2024: S2641

2019-S2539 (ACTIVE) - Summary

Instructs the department of financial services to regulate consumer reporting agencies by requiring licensing of credit reporting agencies, and allowing the department to examine the books and records of consumer reporting agencies.

2019-S2539 (ACTIVE) - Sponsor Memo

2019-S2539 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2539
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 28, 2019
                                ___________
 
 Introduced by Sens. COMRIE, ADDABBO, BAILEY, BROOKS, KENNEDY, KRUEGER --
   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 regulation of
   consumer reporting agencies

   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
                 REGULATION OF CONSUMER REPORTING AGENCIES
 SECTION 701. DEFINITIONS.
         702. AUTHORITY OF SUPERINTENDENT.
         703. LICENSE REQUIREMENTS.
         704. SUPERINTENDENT AUTHORIZED TO EXAMINE.
         705. SUPERINTENDENT AUTHORIZED TO PROMULGATE REGULATIONS.
   §  701.  DEFINITIONS.  FOR  THE  PURPOSES  OF  THIS  ARTICLE, THE TERM
 "CONSUMER REPORTING AGENCY" SHALL MEAN ANY PERSON  WHICH,  FOR  MONETARY
 FEES,  DUES,  OR  ON A COOPERATIVE NONPROFIT BASIS, REGULARLY ENGAGES IN
 WHOLE OR IN PART IN THE PRACTICE OF ASSEMBLING  OR  EVALUATING  CONSUMER
 CREDIT  INFORMATION OR OTHER INFORMATION ON CONSUMERS FOR THE PURPOSE OF
 FURNISHING CONSUMER REPORTS TO THIRD PARTIES, AND WHICH USES  ANY  MEANS
 OR  FACILITY  OF  INTERSTATE  COMMERCE  FOR  THE PURPOSE OF PREPARING OR
 FURNISHING CONSUMER REPORTS.
   § 702. AUTHORITY  OF  SUPERINTENDENT.  THE  SUPERINTENDENT  IS  HEREBY
 AUTHORIZED AND EMPOWERED TO MAKE SUCH GENERAL RULES AND REGULATIONS, AND
 SUCH SPECIFIC RULINGS, DEMANDS, AND FINDINGS AS MAY BE NECESSARY FOR THE
 PROPER CONDUCT OF THE BUSINESS AUTHORIZED AND LICENSED UNDER AND FOR THE
 ENFORCEMENT  OF  THIS  ARTICLE,  IN ADDITION HERETO AND NOT INCONSISTENT
 HEREWITH.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08657-01-9
              

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