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.
STATE OF NEW YORK
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10128
IN SENATE
April 30, 2026
___________
Introduced by Sen. SALAZAR -- 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 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. For
4 the purposes of this section:
5 (a) "Creditworthiness" means a measure of how likely an individual
6 will default on such individual's debt obligations according to a lend-
7 er's assessment, or how worthy an individual is to receive new credit.
8 (b) "Credit score" means a number that provides a comparative estimate
9 of an individual's creditworthiness based on an analysis of such indi-
10 vidual's credit report and is used by lenders to evaluate the risk of
11 lending money or offering financial services to consumers.
12 2. The superintendent shall form a working group to create a pilot
13 program to develop an alternative credit worthiness program for individ-
14 uals who do not have a credit score; are unbanked, undocumented immi-
15 grants, indigent; or who would benefit from such a mechanism. Members of
16 the working group shall:
17 (a) be appointed by the superintendent and shall include represen-
18 tatives of the financial industry and immigration advocates;
19 (b) not receive compensation, but shall be eligible to receive
20 reimbursement for expenses subject to the approval of the superintendent
21 and the division of budget;
22 (c) analyze models for alternatives to traditional credit scores now
23 being discussed and developed by the credit card industry in Europe,
24 among other models such members deem appropriate; and
25 (d) first convene within ninety days of the effective date of this
26 section and shall convene no less than once per month; and
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03974-03-6
S. 10128 2
1 (e) provide the superintendent, the governor, and the legislature a
2 report within one year of the effective date of this section containing
3 such working group's recommendations for the establishment of a pilot
4 program, and a feasible timeline for the implementation of such program.
5 § 2. This act shall take effect immediately.
