What's happening
This bill establishes a public education program on New Yorkers' rights under the federal Equal Credit Opportunity Act.
Why it matters
Empowers New Yorkers with knowledge of their rights. By mandating public education about the federal Equal Credit Opportunity Act, the bill could help individuals better understand protections against credit discrimination, potentially reducing unfair lending practices.
Requires government accountability. The Department of Financial Services must produce annual reports on the outreach program’s activities and effectiveness, ensuring transparency and ongoing assessment of whether the program is reaching its goals.
May improve financial outcomes for marginalized communities. Targeted education can help vulnerable populations, who are often most at risk for credit discrimination, recognize and respond to unfair treatment in lending or credit decisions.
Could encourage broader compliance among financial institutions. Increased public awareness of credit rights might incentivize banks and lenders to adhere more strictly to anti-discrimination laws, knowing consumers are more informed and likely to report violations.
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Teach Credit Reporting Rights
Plain English, a few words. Used as the page title.
Sponsors
Senator · Senate District 38
No co-sponsors yet.
History
- Referred to banks
- Referred to banks
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
129
2019-2020 Regular Sessions
IN SENATE (Prefiled)
January 9, 2019
Introduced by Sen. CARLUCCI -- 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 a public education program about the rights of consumers
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The financial services law is amended by adding a new article 7 to read as follows:
ARTICLE 7
CREDIT REPORTING RIGHTS OUTREACH PROGRAM Section 701. Credit reporting rights outreach program established.
§ 701. Credit reporting rights outreach program established. (a) There is hereby established within the department a credit reporting rights outreach program to educate the public about the rights of citizens of the state of New York under the federal Equal Credit Opportunity Act.
(b) The superintendent shall submit on or before December first next succeeding the effective date of this section and annually thereafter, a report to the governor and the legislature concerning the operation of the credit reporting rights program. Commencing in the year after the first year of such program, such reports shall include the experience of the program in providing outreach and education to the public on the issue of the rights of citizens of the state of New York under the federal Equal Credit Opportunity Act.
§ 2. This act shall take effect on the ninetieth day after it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05327-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the financial services law, in relation to a public education program about the rights of consumers
Purpose
Directs DFS to implement a program of public education and outreach informing the public of their rights under the federal Equal Credit Opportunity Act.
Summary of provisions
Section 1 - Directs DFS to implement a program of public education and outreach informing the public of their rights under the federal Equal Credit Opportunity Act.
Section 2 - Effective date.
Justification
Recent headlines have been dominated by a massive data breach that impacted the largest credit-reporting firm in the United States. This breach is estimated to have effected 143 million Americans, or 44% of the population. Millions suddenly found that their birthdates, home addresses, telephone numbers, and, in some cases, even their social security numbers and drivers license numbers had been leaked.
The implications of such a large scale and egregious breach of consumer data security are serious. Millions have been exposed to the possibility of becoming victims of identity theft. This can lead to ongoing credit problems and major costs to consumers to remedy the damage done. We must do more to make sure that data breaches are prevented. But just as important, is making sure consumers and law enforcement have the tools available to mitigate damage as soon as a breach occurs. This bill, part of a larger package that will target consumer data breaches at every stage, will provide one of those tools.
This bill will require the Department of Financial Services to implement a program of public education and outreach informing the public of their rights under the federal Equal Credit Opportunity Act. Though federal law has preempted the ability to regulate credit reporting at the state level, we must still do all in our power to educate consumers on how to use this powerful tool to protect themselves and their families from identity thieves.
Legislative history
2017-18: 86913a - BANKS
Fiscal implications
None to the state.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.