Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 05, 2022 |
referred to banks |
Mar 18, 2021 |
referred to banks |
Senate Bill S5807
2021-2022 Legislative Session
Sponsored By
(D) 14th Senate District
Archive: Last Bill Status - In Senate Committee Banks Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2021-S5807 (ACTIVE) - Details
- Current Committee:
- Senate Banks
- Law Section:
- Financial Services Law
- Laws Affected:
- Add Art 9 §§901 - 905, Fin Serv L
- Versions Introduced in Other Legislative Sessions:
-
2017-2018:
S6878
2019-2020: S2539
2023-2024: S2641
2021-S5807 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5807 SPONSOR: COMRIE TITLE OF BILL: An act to amend the financial services law, in relation to regulation of consumer reporting agencies SUMMARY OF PROVISIONS: This bill creates a new Article 7 within the existing Financial Services Law that authorizes and empowers the New York State Department of Finan- cial Services (DFS) to regulate consumer reporting agencies, including: oversight, licensing, examination and rulemaking powers. JUSTIFICATION: On September 7th, 2017, one of three major consumer credit reporting agencies in the United States-Equifax-reported that hackers gained access to company data that potentially compromised sensitive informa- tion for 143 million American consumers - nearly 44% of the U.S. popu-
2021-S5807 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5807 2021-2022 Regular Sessions I N S E N A T E March 18, 2021 ___________ 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: Section 1. The financial services law is amended by adding a new arti- cle 9 to read as follows: ARTICLE 9 REGULATION OF CONSUMER REPORTING AGENCIES SECTION 901. DEFINITIONS. 902. AUTHORITY OF SUPERINTENDENT. 903. LICENSE REQUIREMENTS. 904. SUPERINTENDENT AUTHORIZED TO EXAMINE. 905. SUPERINTENDENT AUTHORIZED TO PROMULGATE REGULATIONS. § 901. DEFINITIONS. FOR THE PURPOSES OF THIS ARTICLE, THE TERM "CONSUMER REPORTING AGENCY" SHALL MEAN ANY PERSON WHICH, FOR MONETARY FEES, DUES, OR ON A COOPERATIVE NONPROFIT BASIS, REGULARLY ENGAGES IN WHOLE OR IN PART IN THE PRACTICE OF ASSEMBLING OR EVALUATING CONSUMER CREDIT INFORMATION OR OTHER INFORMATION ON CONSUMERS FOR THE PURPOSE OF FURNISHING CONSUMER REPORTS TO THIRD PARTIES, AND WHICH USES ANY MEANS OR FACILITY OF INTERSTATE COMMERCE FOR THE PURPOSE OF PREPARING OR FURNISHING CONSUMER REPORTS. § 902. AUTHORITY OF SUPERINTENDENT. THE SUPERINTENDENT IS HEREBY AUTHORIZED AND EMPOWERED TO MAKE SUCH GENERAL RULES AND REGULATIONS, AND SUCH SPECIFIC RULINGS, DEMANDS, AND FINDINGS AS MAY BE NECESSARY FOR THE PROPER CONDUCT OF THE BUSINESS AUTHORIZED AND LICENSED UNDER AND FOR THE ENFORCEMENT OF THIS ARTICLE, IN ADDITION HERETO AND NOT INCONSISTENT HEREWITH. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09690-01-1
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