Bill Text: NY S06853 | 2015-2016 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2016-04-22 - PRINT NUMBER 6853A [S06853 Detail]
Download: New_York-2015-S06853-Introduced.html
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: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2016-04-22 - PRINT NUMBER 6853A [S06853 Detail]
Download: New_York-2015-S06853-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6853 IN SENATE February 29, 2016 ___________ Introduced by Sen. RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Consumer 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 25 borrower to be part of his or her social media communications and 26 network. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13003-01-5