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NY A08126
Bill
Status
6/11/2021
Primary Sponsor
Yuh-line Niou
Click for details
AI Summary
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Prohibits insurance companies from using a consumer's credit score to determine access, price, or premium for any state-mandated insurance policy
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Directs the superintendent of financial services to promulgate rules and regulations to enforce the credit score prohibition for state-mandated insurance and services
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Authorizes the attorney general to promulgate rules and regulations prohibiting credit score use for state-mandated services and to assist consumers in related class actions
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Prohibits creditors from denying credit, reducing credit limits, or raising credit costs based on a consumer's credit score for any state-mandated service
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Takes effect 90 days after enactment, with agencies directed to implement necessary rules and regulations immediately upon passage
Legislative Description
Prohibits using a consumer's credit score to determine such consumer's access, price, or premium for any insurance policy or other service such consumer is mandated by the state to purchase.
Last Action
referred to insurance
1/5/2022