N.Y. General Business Law 399-E*2 – Actions
* § 399-e. Actions. No person, firm, corporation, partnership or other association may deny credit, reduce the credit limit, or raise the cost of credit of a consumer, solely because such consumer is a victim of identity theft, if the person denying, reducing, or raising the cost of, the credit has prior knowledge that the consumer was a victim of identity theft. Actions taken by a creditor to assist a consumer regarding his or her credit report, credit score or credit history or to limit credit or financial losses to the consumer, including the cancellation, monitoring or restructuring of consumer credit accounts, shall not be considered violations of this section. For purposes of this section, a person is the victim of identity theft if he or she possesses a valid police report alleging that he or she is the victim of an identity theft crime, including, but not limited to, a violation of section 190.78, 190.79, 190.80, 190.82 or 190.83 of the penal law.
Terms Used In N.Y. General Business Law 399-E*2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
* NB There are 2 § 399-e's