BILL NUMBER: S6446
SPONSOR: MAY
 
TITLE OF BILL:
An act to amend the general business law, in relation to requiring enti-
ties that access a consumer's consumer credit report to notify such
consumer of their right to obtain a security freeze
 
PURPOSENE OR GENERAL IDEA OF BILL:
To raise awareness of consumers' ability to put a freeze on their credit
reports to cut down on identity theft and fraud
 
SUMMARY OF PROVISIONS:
Section 1 amends section 380-t of the general business law to require
entities that receive credit reports to provide credit freeze informa-
tion to consumers.
Section 2 is the effective date.
 
JUSTIFICATION:
Everyone has a credit report, and regardless of their credit score, this
report exists and is used by companies when deciding whether to extend
credit or not. However, people often find they have been victims of
identity theft or fraud when they look at their credit report. A
little-known tool to guard against identity theft and fraud is to place
a "hold" on one's credit report with each of the three major credit
reporting bureaus. This action stops fraudulent applications for new
loans or credit lines under an innocent person's name. The freeze can be
easily reversed at the consumer's request.
 
PRIOR LEGISLATIVE HISTORY:
New bill
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None
 
EFFECTIVE DATE:
Immediately

Statutes affected:
S6446: 380-t general business law