Senate Bill S4115

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4115
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             February 3, 2025
                                ___________
 
 Introduced  by  Sen.  COMRIE -- 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 10 to read as follows:
                                ARTICLE 10
                 REGULATION OF CONSUMER REPORTING AGENCIES
 SECTION 1001. DEFINITIONS.
         1002. AUTHORITY OF SUPERINTENDENT.
         1003. LICENSE REQUIREMENTS.
         1004. SUPERINTENDENT AUTHORIZED TO EXAMINE.
         1005. SUPERINTENDENT AUTHORIZED TO PROMULGATE REGULATIONS.
   §  1001.  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.
   § 1002. 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.
                                                            LBD05394-01-5
 S. 4115                             2
 
              

   § 1003. LICENSE REQUIREMENTS. (A) NO PERSON, PARTNERSHIP,  ASSOCIATION
 OR  CORPORATION SHALL ENGAGE IN THE BUSINESS OF CREDIT REPORTING WITHOUT
 FIRST OBTAINING A LICENSE FROM THE SUPERINTENDENT.
   (B)  APPLICATION FOR SUCH LICENSE SHALL BE IN WRITING, UNDER OATH, AND
 IN THE FORM PRESCRIBED BY THE  SUPERINTENDENT,  AND  SHALL  CONTAIN  THE
 NAME,  AND  THE  ADDRESS BOTH OF THE RESIDENCE AND PLACE OF BUSINESS, OF
 THE APPLICANT, AND IF THE APPLICANT IS A CO-PARTNERSHIP OR  ASSOCIATION,
 OF  EVERY  MEMBER  THEREOF,  AND  IF  A CORPORATION, OF EACH OFFICER AND
 DIRECTOR THEREOF. FURTHER, IF THE BUSINESS  IS  TO  BE  CONDUCTED  AT  A
 SPECIFIC  ADDRESS, THE ADDRESS AT WHICH THE BUSINESS IS TO BE CONDUCTED,
 AND IN ADDITION, SUCH ADDITIONAL INFORMATION AS THE  SUPERINTENDENT  MAY
 REQUIRE.
   §  1004.  SUPERINTENDENT AUTHORIZED TO EXAMINE. (A) FOR THE PURPOSE OF
 DISCOVERING VIOLATIONS OF THIS ARTICLE OR SECURING INFORMATION  LAWFULLY
 REQUIRED  IN  THIS  SECTION,  THE SUPERINTENDENT MAY AT ANY TIME, AND AS
 OFTEN AS MAY BE DETERMINED, EITHER PERSONALLY OR BY A PERSON DULY DESIG-
 NATED BY THE SUPERINTENDENT,  INVESTIGATE  LICENSED  CONSUMER  REPORTING
 AGENCIES AND EXAMINE THE BOOKS, ACCOUNTS, RECORDS, AND FILES USED THERE-
 IN OF EVERY LICENSEE.
   (B)  FOR  THE  PURPOSE ESTABLISHED IN SUBDIVISION (A) OF THIS SECTION,
 THE SUPERINTENDENT AND SUCH SUPERINTENDENT'S DULY  DESIGNATED  REPRESEN-
 TATIVES  SHALL  HAVE  FREE ACCESS TO THE OFFICES AND PLACES OF BUSINESS,
 BOOKS, ACCOUNTS, PAPERS, RECORDS, FILES, SAFES AND VAULTS OF ALL  LICEN-
 SEES.  THE SUPERINTENDENT SHALL HAVE AUTHORITY TO REQUIRE THE ATTENDANCE
 OF AND TO EXAMINE UNDER OATH ALL PERSONS WHOSE TESTIMONY MAY BE REQUIRED
 RELATIVE TO CONSUMER REPORTING AGENCIES.
   § 1005. SUPERINTENDENT AUTHORIZED TO PROMULGATE REGULATIONS.  (A)  THE
 SUPERINTENDENT  SHALL  HAVE THE POWER TO PRESCRIBE AND FROM TIME TO TIME
 WITHDRAW OR AMEND, IN WRITING, RULES AND REGULATIONS  AND  ISSUE  ORDERS
 AND  GUIDANCE INVOLVING CREDIT REPORTING AGENCIES, NOT INCONSISTENT WITH
 THE PROVISIONS OF THIS CHAPTER, THE BANKING LAW, THE INSURANCE  LAW  AND
 ANY OTHER LAW IN WHICH THE SUPERINTENDENT IS GIVEN AUTHORITY, INCLUDING:
   (1)  EFFECTUATING  ANY  POWER  GIVEN  TO  THE SUPERINTENDENT UNDER THE
 PROVISIONS OF THIS CHAPTER, THE INSURANCE LAW, THE BANKING LAW,  OR  ANY
 OTHER LAW TO PRESCRIBE FORMS OR MAKE REGULATIONS;
   (2)  INTERPRETING  THE  PROVISIONS OF THIS CHAPTER, THE INSURANCE LAW,
 THE BANKING LAW, OR ANY OTHER APPLICABLE LAW; AND
   (3) GOVERNING THE PROCEDURES TO BE FOLLOWED IN  THE  PRACTICE  OF  THE
 DEPARTMENT.
   (B) THE SUPERINTENDENT MAY PROMULGATE A LIST OF FINANCIAL PRODUCTS AND
 SERVICES  EXCLUDED  FROM REGULATION BY THE SUPERINTENDENT, PROVIDED THAT
 SUCH EXCLUSION SHALL NOT LIMIT IN ANY WAY THE ABILITY OF THE SUPERINTEN-
 DENT TO TAKE ANY ACTIONS WITH RESPECT TO  FRAUD  PROVIDED  FOR  IN  THIS
 CHAPTER, THE INSURANCE LAW, THE BANKING LAW OR ANY OTHER APPLICABLE LAW.
   § 2. This act shall take effect immediately.