Bill Text: NY S01109 | 2023-2024 | General Assembly | Amended

New York Senate Bill 1109

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 8-0)

Status: (Introduced) 2024-01-03 - REFERRED TO CONSUMER PROTECTION [S01109 Detail]

Download: New_York-2023-S01109-Amended.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                         1109--A

                               2023-2024 Regular Sessions

                    IN SENATE

                                    January 10, 2023
                                       ___________

        Introduced  by Sens. COMRIE, ADDABBO, BAILEY, KRUEGER, MANNION, PERSAUD,
          SANDERS, STAVISKY -- read twice and ordered printed, and when  printed
          to  be  committed to the Committee on Consumer Protection -- committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee

        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.  Subparagraphs (vii) and (viii) of paragraph 1 of subdivi-
     2  sion (f) of section 380-j of the general business law, as added by chap-
     3  ter 867 of the laws of 1977, are amended to read as follows:
     4    (vii) information relating to past confinement in a mental institution
     5  where the date of last confinement antedates the  report  by  more  than
     6  seven years; [or]
     7    (viii) late payments of any cashless tolls; or
     8    (ix)  any other adverse information which antedates the report by more
     9  than seven years.
    10    § 2. Section 352 of the banking law is amended by adding a  new  ninth
    11  undesignated paragraph to read as follows:
    12    No licensee shall collect, evaluate, report or maintain in the file on
    13  a  borrower the borrower's late payment of cashless tolls as a factor to
    14  determine the borrower's credit worthiness, credit  standing  or  credit
    15  capacity.    The  superintendent  shall  ensure  that the credit scoring
    16  formulas filed with  the  department  do  not  contain  variables  which
    17  account  for  late  payment of cashless tolls as part of that formula by
    18  asking the licensee to certify to that fact.
    19    § 3. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03418-03-3