Bill Text: NY A02692 | 2025-2026 | General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2025-01-22 - referred to banks [A02692 Detail]

Download: New_York-2025-A02692-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2692

                               2025-2026 Regular Sessions

                   IN ASSEMBLY

                                    January 22, 2025
                                       ___________

        Introduced  by M. of A. FORREST -- read once and referred to the Commit-
          tee 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:

     1    Section 1. The financial services law  is  amended  by  adding  a  new
     2  section 312 to read as follows:
     3    §  312.  Creditworthiness  alternative  pilot and working group. 1. As
     4  used in this section, the following terms shall have the following mean-
     5  ings:
     6    (a) "Creditworthiness" means a measure of  how  likely  an  individual
     7  will  default on such individual's debt obligations according to a lend-
     8  er's assessment, or how worthy an individual is to receive new credit.
     9    (b) "Credit score" means a number that provides a comparative estimate
    10  of an individual's creditworthiness based on an analysis of  such  indi-
    11  vidual's  credit  report  and is used by lenders to evaluate the risk of
    12  lending money or offering financial services to consumers.
    13    2. The superintendent shall form a working group  to  create  a  pilot
    14  program to develop an alternative credit worthiness program for individ-
    15  uals  who  do  not have a credit score; are unbanked, undocumented immi-
    16  grants, indigent; or who would benefit from such a mechanism. Members of
    17  the working group shall:
    18    (a) be appointed by the superintendent  and  shall  include  represen-
    19  tatives of the financial industry and immigration advocates;
    20    (b)  not  receive  compensation,  but  shall  be  eligible  to receive
    21  reimbursement for expenses subject to the approval of the superintendent
    22  and the division of budget;

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03974-01-5
        A. 2692                             2

     1    (c) look at models for alternatives to traditional credit  scores  now
     2  being  discussed  and  developed  by the credit card industry in Europe,
     3  among other models such members deem appropriate; and
     4    (d)  be  in  place  within  ninety  days of the effective date of this
     5  section and shall provide the  superintendent,  the  governor,  and  the
     6  legislature  a report containing such working group's recommendations on
     7  how to create a pilot program within two hundred  seventy  days  of  the
     8  effective date of this section.
     9    § 2. This act shall take effect immediately.