Bill
A 5592
Overview: A 5592 directs the New York Department of State and Public Service Commission to study and report on the disclosure of late utility payments to credit reporting agencies.
Overview: A 5592 directs the New York Department of State and Public Service Commission to study and report on the disclosure of late utility payments to credit reporting agencies.
Purpose and Intent: The bill aims to investigate the practice of utilities reporting late payments by customers to credit bureaus, which can negatively impact individuals' credit scores and access to financial services. The study is intended to provide policymakers with information to determine if regulatory action is needed to address this issue.
Key Provisions:
- Requires the Department of State and Public Service Commission to conduct a comprehensive study on utility companies' reporting of late payments to credit reporting agencies
- Directs the agencies to examine the impacts of such reporting on consumers, particularly low-income and vulnerable populations
- Mandates the agencies to provide recommendations on potential regulations or policies to address any identified issues
Affected Parties and Impacts:
- Utility customers, who may face credit score impacts and financial hardship due to late payment reporting
- Utility companies, which may need to adjust their practices based on the study's findings
- Policymakers, who will receive the study's recommendations to consider potential regulatory actions
Procedural and Timeline Considerations:
- A 5592 has been substituted by S2011, which is the current version of the bill
- The study and report are required to be completed within one year of the bill's enactment
Compiled from official sources — confirm details with the bill’s official record.
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