NY A08955

Defines a "protected consumer" as an individual under age 16 and establishes terminology for security freezes on credit records created for minors.

Requires consumer credit reporting agencies to place a security freeze on a protected consumer's credit record within 30 days upon request by a representative with sufficient proof of identification and authority.

Permits consumer credit reporting agencies to charge a reasonable fee not exceeding $15 for placing or removing a security freeze, but prohibits fees if the freeze is due to identity fraud or if the agency already has a credit report for the protected consumer.

Allows a security freeze to remain in effect until the protected consumer or representative requests removal, and requires removal within 30 days of a valid removal request.

Takes effect January 1, 2015.