S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5320
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 7, 2023
                                ___________
 
 Introduced  by M. of A. HYNDMAN -- read once and referred to the Commit-
   tee on Consumer Affairs and Protection
 
 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.
                                                            LBD04600-01-3
 A. 5320                             2
 
              

   § 903. LICENSE REQUIREMENTS. (A) NO PERSON,  PARTNERSHIP,  ASSOCIATION
 OR  CORPORATION SHALL ENGAGE IN THE BUSINESS OF CREDIT REPORTING WITHOUT
 FIRST OBTAINING A LICENSE FROM THE SUPERINTENDENT.
   (B)  APPLICATION FOR SUCH LICENSE SHALL BE IN WRITING, UNDER OATH, AND
 IN THE FORM PRESCRIBED BY THE  SUPERINTENDENT,  AND  SHALL  CONTAIN  THE
 NAME,  AND  THE  ADDRESS BOTH OF THE RESIDENCE AND PLACE OF BUSINESS, OF
 THE APPLICANT, AND IF THE APPLICANT IS A CO-PARTNERSHIP OR  ASSOCIATION,
 OF  EVERY  MEMBER  THEREOF,  AND  IF  A CORPORATION, OF EACH OFFICER AND
 DIRECTOR THEREOF. FURTHER, IF THE BUSINESS  IS  TO  BE  CONDUCTED  AT  A
 SPECIFIC  ADDRESS, THE ADDRESS AT WHICH THE BUSINESS IS TO BE CONDUCTED,
 AND IN ADDITION, SUCH ADDITIONAL INFORMATION AS THE  SUPERINTENDENT  MAY
 REQUIRE.
   §  904.  SUPERINTENDENT  AUTHORIZED TO EXAMINE. (A) FOR THE PURPOSE OF
 DISCOVERING VIOLATIONS OF THIS ARTICLE OR SECURING INFORMATION  LAWFULLY
 REQUIRED  IN  THIS  SECTION,  THE SUPERINTENDENT MAY AT ANY TIME, AND AS
 OFTEN AS MAY BE DETERMINED, EITHER PERSONALLY OR BY A PERSON DULY DESIG-
 NATED BY THE SUPERINTENDENT,  INVESTIGATE  LICENSED  CONSUMER  REPORTING
 AGENCIES AND EXAMINE THE BOOKS, ACCOUNTS, RECORDS, AND FILES USED THERE-
 IN OF EVERY LICENSEE.
   (B)  FOR  THE  PURPOSE ESTABLISHED IN SUBDIVISION (A) OF THIS SECTION,
 THE SUPERINTENDENT AND HIS OR HER DULY DESIGNATED REPRESENTATIVES  SHALL
 HAVE FREE ACCESS TO THE OFFICES AND PLACES OF BUSINESS, BOOKS, ACCOUNTS,
 PAPERS,  RECORDS,  FILES,  SAFES AND VAULTS OF ALL LICENSEES. THE SUPER-
 INTENDENT SHALL HAVE AUTHORITY TO REQUIRE THE ATTENDANCE OF AND TO EXAM-
 INE UNDER OATH ALL PERSONS WHOSE TESTIMONY MAY BE REQUIRED  RELATIVE  TO
 CONSUMER REPORTING AGENCIES.
   §  905.  SUPERINTENDENT  AUTHORIZED TO PROMULGATE REGULATIONS. (A) THE
 SUPERINTENDENT SHALL HAVE THE POWER TO PRESCRIBE AND FROM TIME  TO  TIME
 WITHDRAW  OR  AMEND,  IN WRITING, RULES AND REGULATIONS AND ISSUE ORDERS
 AND GUIDANCE INVOLVING CREDIT REPORTING AGENCIES, NOT INCONSISTENT  WITH
 THE  PROVISIONS  OF THIS CHAPTER, THE BANKING LAW, THE INSURANCE LAW AND
 ANY OTHER LAW IN WHICH THE SUPERINTENDENT IS GIVEN AUTHORITY, INCLUDING:
   (1) EFFECTUATING ANY POWER  GIVEN  TO  THE  SUPERINTENDENT  UNDER  THE
 PROVISIONS  OF  THIS CHAPTER, THE INSURANCE LAW, THE BANKING LAW, OR ANY
 OTHER LAW TO PRESCRIBE FORMS OR MAKE REGULATIONS;
   (2) INTERPRETING THE PROVISIONS OF THIS CHAPTER,  THE  INSURANCE  LAW,
 THE BANKING LAW, OR ANY OTHER APPLICABLE LAW; AND
   (3)  GOVERNING  THE  PROCEDURES  TO BE FOLLOWED IN THE PRACTICE OF THE
 DEPARTMENT.
   (B) THE SUPERINTENDENT MAY PROMULGATE A LIST OF FINANCIAL PRODUCTS AND
 SERVICES EXCLUDED FROM REGULATION BY THE SUPERINTENDENT,  PROVIDED  THAT
 SUCH EXCLUSION SHALL NOT LIMIT IN ANY WAY THE ABILITY OF THE SUPERINTEN-
 DENT  TO  TAKE  ANY  ACTIONS  WITH RESPECT TO FRAUD PROVIDED FOR IN THIS
 CHAPTER, THE INSURANCE LAW, THE BANKING LAW OR ANY OTHER APPLICABLE LAW.
   § 2. This act shall take effect immediately.