Senate Bill S10128

2025-2026 Legislative Session

Establishes a working group to create a pilot program for an alternative system to a credit score

download bill text pdf

Current 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

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

View Actions

Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Apr 30, 2026	referred to banks

2025-S10128 (ACTIVE) - Details

See Assembly Version of this Bill:: A2692
Current Committee:: Senate Banks
Law Section:: Financial Services Law
Laws Affected:: Add §312, Fin Serv L

2025-S10128 (ACTIVE) - Summary

Establishes a working group to create a pilot program for an alternative system to a credit score for unbanked persons, undocumented immigrants and any other individuals who would benefit from such alternative system.

2025-S10128 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S10128

SPONSOR: SALAZAR
 
TITLE OF BILL:

An act to amend the financial services law, in relation to establishing
a working group to create a pilot program for an alternative system to a
credit score

 
PURPOSE OR GENERAL IDEA OF BILL:

The purpose of this bill is to establish a working group within the New
York State Department of Financial Services to develop a pilot program
that creates an alternative creditworthiness system. This system is
designed for individuals who lack a traditional credit score, such as
the unbanked, undocumented immigrants, and indigent populations.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1: Adds a new. Section 312 to the Financial Services Law,
mandating the creation of a working group by the Superintendent of the
Department of Financial Services. The working group will develop a pilot

program to assess alternative methods of determining creditworthiness
for individuals who do not possess a traditional credit score.

Section 2: Establishes that this act shall take effect immediately.

 
JUSTIFICATION:

Traditional credit scoring systems are inherently biased against certain
populations, particularly those who are unbanked, undocumented immi-
grants, or indigent. These individuals often lack access to financial
products and services due to their inability to meet the criteria set by
standard credit evaluations. This bill seeks to address these inequities
by developing an alternative system that more accurately reflects the
creditworthiness of individuals traditionally excluded from the finan-
cial system.

The working group established by this bill will have the expertise
necessary to consider innovative creditworthiness models, including
those being developed in Europe and other jurisdictions. By incorporat-
ing these alternative models, New York can create a more inclusive
financial environment that provides equitable access to credit for all
its residents.

This initiative is crucial for fostering economic stability among
vulnerable populations, ensuring they have the means to participate
fully in the state's economy. Moreover, by piloting this program, New
York positions itself as a leader in financial inclusivity, setting a
precedent for other states to follow.

 
PRIOR LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:



Minimal. The working group members will not receive compensation, though
they may be reimbursed for expenses as approved by the Superintendent
and the Division of Budget.

 
EFFECTIVE. DATE:

This act shall take effect immediately upon becoming law.

2025-S10128 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10128
 
                             I N  S E N A T E
 
                              April 30, 2026
                                ___________
 
 Introduced  by  Sen. SALAZAR -- 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  establishing
   a working group to create a pilot program for an alternative system to
   a credit score
 
   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
 section 312 to read as follows:
   §  312.  CREDITWORTHINESS  ALTERNATIVE PILOT AND WORKING GROUP. 1. FOR
 THE PURPOSES OF THIS SECTION:
   (A) "CREDITWORTHINESS" MEANS A MEASURE OF  HOW  LIKELY  AN  INDIVIDUAL
 WILL  DEFAULT ON SUCH INDIVIDUAL'S DEBT OBLIGATIONS ACCORDING TO A LEND-
 ER'S ASSESSMENT, OR HOW WORTHY AN INDIVIDUAL IS TO RECEIVE NEW CREDIT.
   (B) "CREDIT SCORE" MEANS A NUMBER THAT PROVIDES A COMPARATIVE ESTIMATE
 OF AN INDIVIDUAL'S CREDITWORTHINESS BASED ON AN ANALYSIS OF  SUCH  INDI-
 VIDUAL'S  CREDIT  REPORT  AND IS USED BY LENDERS TO EVALUATE THE RISK OF
 LENDING MONEY OR OFFERING FINANCIAL SERVICES TO CONSUMERS.
   2. THE SUPERINTENDENT SHALL FORM A WORKING GROUP  TO  CREATE  A  PILOT
 PROGRAM TO DEVELOP AN ALTERNATIVE CREDIT WORTHINESS PROGRAM FOR INDIVID-
 UALS  WHO  DO  NOT HAVE A CREDIT SCORE; ARE UNBANKED, UNDOCUMENTED IMMI-
 GRANTS, INDIGENT; OR WHO WOULD BENEFIT FROM SUCH A MECHANISM. MEMBERS OF
 THE WORKING GROUP SHALL:
   (A) BE APPOINTED BY THE SUPERINTENDENT  AND  SHALL  INCLUDE  REPRESEN-
 TATIVES OF THE FINANCIAL INDUSTRY AND IMMIGRATION ADVOCATES;
   (B)  NOT  RECEIVE  COMPENSATION,  BUT  SHALL  BE  ELIGIBLE  TO RECEIVE
 REIMBURSEMENT FOR EXPENSES SUBJECT TO THE APPROVAL OF THE SUPERINTENDENT
 AND THE DIVISION OF BUDGET;
   (C) ANALYZE MODELS FOR ALTERNATIVES TO TRADITIONAL CREDIT  SCORES  NOW
 BEING  DISCUSSED  AND  DEVELOPED  BY THE CREDIT CARD INDUSTRY IN EUROPE,
 AMONG OTHER MODELS SUCH MEMBERS DEEM APPROPRIATE; AND
   (D) FIRST CONVENE WITHIN NINETY DAYS OF THE  EFFECTIVE  DATE  OF  THIS
 SECTION AND SHALL CONVENE NO LESS THAN ONCE PER MONTH; AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03974-03-6

 S. 10128                            2
 
   (E)  PROVIDE  THE  SUPERINTENDENT, THE GOVERNOR, AND THE LEGISLATURE A
 REPORT WITHIN ONE YEAR OF THE EFFECTIVE DATE OF THIS SECTION  CONTAINING
 SUCH  WORKING  GROUP'S  RECOMMENDATIONS FOR THE ESTABLISHMENT OF A PILOT
 PROGRAM, AND A FEASIBLE TIMELINE FOR THE IMPLEMENTATION OF SUCH PROGRAM.
   § 2. This act shall take effect immediately.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Find your Senator and share your views on important issues.

Do you support this bill?

Senate Bill S10128

Sponsored By

Current Bill Status - In Senate Committee Banks Committee

Actions

2025-S10128 (ACTIVE) - Details

2025-S10128 (ACTIVE) - Summary

2025-S10128 (ACTIVE) - Sponsor Memo

2025-S10128 (ACTIVE) - Bill Text download pdf

Comments

Do you support this bill?

Get Status Alerts for 2025-S10128

Senate Bill S10128

Share this bill

Sponsored By

Julia Salazar

Current Bill Status - In Senate Committee Banks Committee

Actions

2025-S10128 (ACTIVE) - Details

2025-S10128 (ACTIVE) - Summary

2025-S10128 (ACTIVE) - Sponsor Memo

2025-S10128 (ACTIVE) - Bill Text download pdf

Comments