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S T A T E O F N E W Y O R K
________________________________________________________________________
10128
I N S E N A T E
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.