Bill > S04115

This bill introduces new regulations for consumer reporting agencies in New York by creating a comprehensive licensing and oversight framework under the Department of Financial Services. The bill defines a consumer reporting agency as an entity that regularly collects and evaluates consumer credit information for reporting to third parties, and mandates that such agencies obtain a license from the superintendent before conducting business. The licensing process requires applicants to submit detailed information about their organization, including names, addresses, and other relevant details. The superintendent is granted broad investigative powers, including the ability to examine the books, records, files, and offices of licensed agencies, and to compel testimony under oath. Additionally, the bill empowers the superintendent to create, modify, and enforce regulations related to consumer reporting agencies, with specific provisions for interpreting laws, prescribing forms, and governing departmental procedures. The legislation also allows the superintendent to exclude certain financial products and services from regulation while maintaining the authority to investigate and act against fraudulent activities. The bill aims to enhance transparency, accountability, and consumer protection in the credit reporting industry by establishing a robust regulatory mechanism.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S4115