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NY A02692
Bill
Status
1/22/2025
Primary Sponsor
Phara Souffrant Forrest
Click for details
AI Summary
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Creates a working group under the Superintendent of Financial Services to develop a pilot program for alternative creditworthiness assessment for individuals without credit scores, unbanked persons, undocumented immigrants, and indigent individuals
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Working group members must be appointed by the superintendent and include representatives from the financial industry and immigration advocates
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Members serve without compensation but may receive reimbursement for expenses subject to approval by the superintendent and division of budget
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Working group must examine alternative credit score models being developed in Europe and other appropriate models
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Working group must be established within 90 days of the act taking effect and deliver recommendations for a pilot program to the superintendent, governor, and legislature within 270 days
Legislative Description
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.
Last Action
referred to banks
1/7/2026