Bill Text: NY A09150 | 2015-2016 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Prohibits a consumer reporting agency or lender from using the credit scores of members of an individual's social network to determine the credit worthiness of such individual.

Spectrum: Slight Partisan Bill (Democrat 6-2)

Status: (Introduced - Dead) 2016-04-13 - print number 9150a [A09150 Detail]

Download: New_York-2015-A09150-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          9150
                   IN ASSEMBLY
                                    January 29, 2016
                                       ___________
        Introduced  by M. of A. CRESPO, SEPULVEDA, RODRIGUEZ, RAMOS, PICHARDO --
          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  certain information to determine an individual's credit worthi-
          ness
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  380-a  of the general business law is amended by
     2  adding a new subdivision (u) to read as follows:
     3    (u) The term "members of a consumer's social network" means a group of
     4  individuals authorized by a consumer to be part of  his  or  her  social
     5  media communications and network.
     6    §  2. Section 380-j of the general business law is amended by adding a
     7  new subdivision (h) to read as follows:
     8    (h) No consumer reporting agency shall collect, evaluate,  report,  or
     9  maintain  in the file on a consumer the credit worthiness, credit stand-
    10  ing or credit capacity of members of the consumer's social  network  for
    11  purposes of determining the credit worthiness of the consumer; the aver-
    12  age  credit worthiness, credit standing or credit capacity of members of
    13  the consumer's social network; or  any  group  score  that  is  not  the
    14  consumer's  own  credit  worthiness, credit standing or credit capacity.
    15  The provisions of this subdivision shall be enforced concurrently by the
    16  superintendent of financial services and the director of the division of
    17  consumer protection and each shall utilize their consumer complaint  and
    18  assistance hotlines to document complaints by consumers who believe that
    19  group  credit  ratings  of  their social media network are being used to
    20  deny them credit.
    21    § 3. Section 2 of the banking law is amended by adding a new  subdivi-
    22  sion 30 to read as follows:
    23    30.  Members  of  a  borrower's social network. The term "members of a
    24  borrower's social network" means a group of individuals authorized by  a
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13003-01-5