New York S 10128: Establishes a working group to create a pilot program for an alternative system to a credit score

Bill Text

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S10128 Summary:

BILL NOS10128 

&nbsp

SAME ASSAME AS A02692-A

&nbsp

SPONSORSALAZAR

&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 Actions:

BILL NOS10128 

&nbsp

04/30/2026REFERRED TO BANKS

Go to topS10128 Committee&nbspVotes:

Go to topS10128 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS10128 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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