S 10128 NY

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Bill No.: Summary Actions Committee&nbspVotes Floor&nbspVotes Memo Text LFIN Chamber&nbspVideo/Transcript S10128 Summary: BILL NO S10128 &nbsp SAME AS SAME AS A02692-A

&nbsp SPONSOR SALAZAR &nbsp COSPNSR &nbsp MLTSPNSR &nbsp Add §312, Fin Serv L &nbsp 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.

Go to top S10128 Text:

STATE OF NEW YORK ________________________________________________________________________

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.

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