---
type: "Bill"
title: "Requires banks to provide written notification that accepting an alternative loan payment schedule may have a negative impact on credit scores"
description: "Requires banks to provide written notification that accepting an alternative loan payment schedule may have a negative impact on credit scores; makes related provisions."
jurisdiction: "us/states/ny"
legislature: "New York Legislature"
session: "2021-2022"
identifier: "S 1566"
citation: "New York S 1566 (2021-2022)"
classification: ["bill"]
subjects: []
status: "enacted"
primary_sponsors: ["SANDERS"]
version_count: 2
action_count: 20
vote_count: 4
first_action: "2021-01-13"
last_action: "2021-11-03"
source: "openstates"
source_identifier: "ocd-bill/5a3df6a2-b78a-4976-8d16-9e490d28db05"
source_url: "http://www.nysenate.gov/legislation/bills/2021/S1566"
source_hash: "75def437704925b7b941d5d5b46124b3a74747755cfc26502a38adb3ce24c85a"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-ny"]
---

# New York S 1566 (2021-2022) — Requires banks to provide written notification that accepting an alternative loan payment schedule may have a negative impact on credit scores

Requires banks to provide written notification that accepting an alternative loan payment schedule may have a negative impact on credit scores; makes related provisions.

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **S1566** (committee substitute) — [source](http://assembly.state.ny.us/leg/?sh=printbill&bn=S1566&term=2021&Text=Y)
2. **S1566A** (committee substitute) — [source](http://legislation.nysenate.gov/pdf/bills/2021/S1566A)

## Votes

- Floor Vote — **48–15** (pass) · upper
- Floor Vote - Version: A — **48–15** (pass) · upper
- Assembly Vote — **110–39** (pass) · lower
- Banks Vote — **8–3** (pass) · upper

## Sponsors

- SANDERS — primary (person)
- LIU — cosponsor (person)
- SEPULVEDA — cosponsor (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2021-01-13** REFERRED TO BANKS `referral-committee`
- **2021-01-26** 1ST REPORT CAL.189
- **2021-02-01** 2ND REPORT CAL.
- **2021-02-02** ADVANCED TO THIRD READING
- **2021-03-03** PASSED SENATE `passage`
- **2021-03-03** DELIVERED TO ASSEMBLY
- **2021-03-03** REFERRED TO BANKS `referral-committee`
- **2021-05-25** RECALLED FROM ASSEMBLY
- **2021-05-25** RETURNED TO SENATE
- **2021-05-25** VOTE RECONSIDERED - RESTORED TO THIRD READING
- **2021-05-25** AMENDED ON THIRD READING (T) 1566A `amendment-passage`
- **2021-06-01** REPASSED SENATE `passage`
- **2021-06-01** RETURNED TO ASSEMBLY
- **2021-06-01** REFERRED TO BANKS `referral-committee`
- **2021-06-01** SUBSTITUTED FOR A5915A
- **2021-06-01** ORDERED TO THIRD READING RULES CAL.194
- **2021-06-08** PASSED ASSEMBLY `passage`
- **2021-06-08** RETURNED TO SENATE
- **2021-10-22** DELIVERED TO GOVERNOR `executive-receipt`
- **2021-11-03** SIGNED CHAP.568 `executive-signature`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/5a3df6a2-b78a-4976-8d16-9e490d28db05`. Confidence: reported (aggregated from official New York legislature records).