Bill Text: NY A01688 | 2019-2020 | General Assembly | Introduced

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Bill Title: Prohibits consumer reporting agencies and lenders from using an individual's late payment of cashless tolls to determine their credit worthiness.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - referred to consumer affairs and protection [A01688 Detail]

Download: New_York-2019-A01688-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          1688
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 16, 2019
                                       ___________
        Introduced  by  M.  of A. PHEFFER AMATO -- 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 an individual's late payment of cashless tolls to determine such
          individual's credit worthiness
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  380-j  of the general business law is amended by
     2  adding a new subdivision (h) to read as follows:
     3    (h) No consumer reporting agency shall collect, evaluate,  report,  or
     4  maintain  in  the  file on a consumer the consumer's late payment of any
     5  cashless tolls as a factor to determine the  consumer's  credit  worthi-
     6  ness, credit standing or credit capacity.
     7    §  2. Section 352 of the banking law is amended by adding a new eighth
     8  undesignated paragraph to read as follows:
     9    No licensee shall collect, evaluate, report or maintain in the file on
    10  a borrower the borrower's late payment of cashless tolls as a factor  to
    11  determine  the  borrower's  credit worthiness, credit standing or credit
    12  capacity. The provisions of this paragraph shall be enforced concurrent-
    13  ly by the superintendent and the director of the  division  of  consumer
    14  protection  and  each shall utilize their consumer complaint and assist-
    15  ance hotlines to document complaints by borrowers who believe that their
    16  late payment of cashless tolls is being used to deny  them  credit.  The
    17  superintendent  shall ensure that the credit scoring formulas filed with
    18  the department do not contain variables which account for  late  payment
    19  of  cashless  tolls  as  part  of that formula by asking the licensee to
    20  certify to that fact.
    21    § 3. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02911-02-9