Instructs the department of financial services to regulate consumer reporting agencies by requiring licensing of credit reporting agencies, and allowing the department to examine the books and records of consumer reporting agencies.
STATE OF NEW YORK
________________________________________________________________________
4115
2025-2026 Regular Sessions
IN SENATE
February 3, 2025
___________
Introduced by Sen. COMRIE -- read twice and ordered printed, and when
printed to be committed to the Committee on Banks
AN ACT to amend the financial services law, in relation to regulation of
consumer reporting agencies
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 arti-
2 cle 10 to read as follows:
3 ARTICLE 10
4 REGULATION OF CONSUMER REPORTING AGENCIES
5 Section 1001. Definitions.
6 1002. Authority of superintendent.
7 1003. License requirements.
8 1004. Superintendent authorized to examine.
9 1005. Superintendent authorized to promulgate regulations.
10 § 1001. Definitions. For the purposes of this article, the term
11 "consumer reporting agency" shall mean any person which, for monetary
12 fees, dues, or on a cooperative nonprofit basis, regularly engages in
13 whole or in part in the practice of assembling or evaluating consumer
14 credit information or other information on consumers for the purpose of
15 furnishing consumer reports to third parties, and which uses any means
16 or facility of interstate commerce for the purpose of preparing or
17 furnishing consumer reports.
18 § 1002. Authority of superintendent. The superintendent is hereby
19 authorized and empowered to make such general rules and regulations, and
20 such specific rulings, demands, and findings as may be necessary for the
21 proper conduct of the business authorized and licensed under and for the
22 enforcement of this article, in addition hereto and not inconsistent
23 herewith.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05394-01-5
S. 4115 2
1 § 1003. License requirements. (a) No person, partnership, association
2 or corporation shall engage in the business of credit reporting without
3 first obtaining a license from the superintendent.
4 (b) Application for such license shall be in writing, under oath, and
5 in the form prescribed by the superintendent, and shall contain the
6 name, and the address both of the residence and place of business, of
7 the applicant, and if the applicant is a co-partnership or association,
8 of every member thereof, and if a corporation, of each officer and
9 director thereof. Further, if the business is to be conducted at a
10 specific address, the address at which the business is to be conducted,
11 and in addition, such additional information as the superintendent may
12 require.
13 § 1004. Superintendent authorized to examine. (a) For the purpose of
14 discovering violations of this article or securing information lawfully
15 required in this section, the superintendent may at any time, and as
16 often as may be determined, either personally or by a person duly desig-
17 nated by the superintendent, investigate licensed consumer reporting
18 agencies and examine the books, accounts, records, and files used there-
19 in of every licensee.
20 (b) For the purpose established in subdivision (a) of this section,
21 the superintendent and such superintendent's duly designated represen-
22 tatives shall have free access to the offices and places of business,
23 books, accounts, papers, records, files, safes and vaults of all licen-
24 sees. The superintendent shall have authority to require the attendance
25 of and to examine under oath all persons whose testimony may be required
26 relative to consumer reporting agencies.
27 § 1005. Superintendent authorized to promulgate regulations. (a) The
28 superintendent shall have the power to prescribe and from time to time
29 withdraw or amend, in writing, rules and regulations and issue orders
30 and guidance involving credit reporting agencies, not inconsistent with
31 the provisions of this chapter, the banking law, the insurance law and
32 any other law in which the superintendent is given authority, including:
33 (1) effectuating any power given to the superintendent under the
34 provisions of this chapter, the insurance law, the banking law, or any
35 other law to prescribe forms or make regulations;
36 (2) interpreting the provisions of this chapter, the insurance law,
37 the banking law, or any other applicable law; and
38 (3) governing the procedures to be followed in the practice of the
39 department.
40 (b) The superintendent may promulgate a list of financial products and
41 services excluded from regulation by the superintendent, provided that
42 such exclusion shall not limit in any way the ability of the superinten-
43 dent to take any actions with respect to fraud provided for in this
44 chapter, the insurance law, the banking law or any other applicable law.
45 § 2. This act shall take effect immediately.
