SEC. 211. FREE CONSUMER REPORTS.
(a) IN GENERAL.—Section 612 of the Fair Credit Reporting
Act (15 U.S.C. 1681j) is amended—
(1) by redesignating subsection (a) as subsection (f), and
transferring it to the end of the section;
(2) by inserting before subsection (b) the following:
‘‘(a) FREE ANNUAL DISCLOSURE.—
‘‘(1) NATIONWIDE CONSUMER REPORTING AGENCIES.—
Deadline.
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PUBLIC LAW 108–159—DEC. 4, 2003 117 STAT. 1969
‘‘(A) IN GENERAL.—All consumer reporting agencies
described in subsections (p) and (w) of section 603 shall
make all disclosures pursuant to section 609 once during
any 12-month period upon request of the consumer and
without charge to the consumer.
‘‘(B) CENTRALIZED SOURCE.—Subparagraph (A) shall
apply with respect to a consumer reporting agency
described in section 603(p) only if the request from the
consumer is made using the centralized source established
for such purpose in accordance with section 211(c) of the
Fair and Accurate Credit Transactions Act of 2003.
‘‘(C) NATIONWIDE SPECIALTY CONSUMER REPORTING
AGENCY.—
‘‘(i) IN GENERAL.—The Commission shall prescribe
regulations applicable to each consumer reporting
agency described in section 603(w) to require the
establishment of a streamlined process for consumers
to request consumer reports under subparagraph (A),
which shall include, at a minimum, the establishment
by each such agency of a toll-free telephone number
for such requests.
‘‘(ii) CONSIDERATIONS.—In prescribing regulations
under clause (i), the Commission shall consider—
‘‘(I) the significant demands that may be
placed on consumer reporting agencies in providing
such consumer reports;
‘‘(II) appropriate means to ensure that consumer
reporting agencies can satisfactorily meet
those demands, including the efficacy of a system
of staggering the availability to consumers of such
consumer reports; and
‘‘(III) the ease by which consumers should be
able to contact consumer reporting agencies with
respect to access to such consumer reports.
‘‘(iii) DATE OF ISSUANCE.—The Commission shall
issue the regulations required by this subparagraph
in final form not later than 6 months after the date
of enactment of the Fair and Accurate Credit Transactions
Act of 2003.
‘‘(iv) CONSIDERATION OF ABILITY TO COMPLY.—The
regulations of the Commission under this subparagraph
shall establish an effective date by which each
nationwide specialty consumer reporting agency (as
defined in section 603(w)) shall be required to comply
with subsection (a), which effective date—
‘‘(I) shall be established after consideration of
the ability of each nationwide specialty consumer
reporting agency to comply with subsection (a);
and
‘‘(II) shall be not later than 6 months after
the date on which such regulations are issued
in final form (or such additional period not to
exceed 3 months, as the Commission determines
appropriate).
‘‘(2) TIMING.—A consumer reporting agency shall provide
a consumer report under paragraph (1) not later than 15 days
Deadline.
Deadline.
Effective date.
Deadline.
Regulations.
Applicability.
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117 STAT. 1970 PUBLIC LAW 108–159—DEC. 4, 2003
after the date on which the request is received under paragraph
(1).
‘‘(3) REINVESTIGATIONS.—Notwithstanding the time periods
specified in section 611(a)(1), a reinvestigation under that section
by a consumer reporting agency upon a request of a consumer
that is made after receiving a consumer report under
this subsection shall be completed not later than 45 days after
the date on which the request is received.
‘‘(4) EXCEPTION FOR FIRST 12 MONTHS OF OPERATION.—This
subsection shall not apply to a consumer reporting agency
that has not been furnishing consumer reports to third parties
on a continuing basis during the 12-month period preceding
a request under paragraph (1), with respect to consumers
residing nationwide.’’;
(3) by redesignating subsection (d) as subsection (e);
(4) by inserting before subsection (e), as redesignated, the
following:
‘‘(d) FREE DISCLOSURES IN CONNECTION WITH FRAUD ALERTS.—
Upon the request of a consumer, a consumer reporting agency
described in section 603(p) shall make all disclosures pursuant
to section 609 without charge to the consumer, as provided in
subsections (a)(2) and (b)(2) of section 605A, as applicable.’’;
(5) in subsection (e), as redesignated, by striking ‘‘subsection
(a)’’ and inserting ‘‘subsection (f)’’; and
(6) in subsection (f), as redesignated, by striking ‘‘Except
as provided in subsections (b), (c), and (d), a’’ and inserting
‘‘In the case of a request from a consumer other than a request
that is covered by any of subsections (a) through (d), a’’.
(b) CIRCUMVENTION PROHIBITED.—The Fair Credit Reporting
Act (15 U.S.C. 1681 et seq.) is amended by adding after section
628, as added by section 216 of this Act, the following new section:
‘‘§ 629. Corporate and technological circumvention prohibited
‘‘The Commission shall prescribe regulations, to become effective
not later than 90 days after the date of enactment of this
section, to prevent a consumer reporting agency from circumventing
or evading treatment as a consumer reporting agency described
in section 603(p) for purposes of this title, including—
‘‘(1) by means of a corporate reorganization or restructuring,
including a merger, acquisition, dissolution, divestiture,
or asset sale of a consumer reporting agency; or
‘‘(2) by maintaining or merging public record and credit
account information in a manner that is substantially equivalent
to that described in paragraphs (1) and (2) of section
603(p), in the manner described in section 603(p).’’.
(c) SUMMARY OF RIGHTS TO OBTAIN AND DISPUTE INFORMATION
IN CONSUMER REPORTS AND TO OBTAIN CREDIT SCORES.—Section
609(c) of the Fair Credit Reporting Act (15 U.S.C. 1681g) is amended
to read as follows:
‘‘(c) SUMMARY OF RIGHTS TO OBTAIN AND DISPUTE INFORMATION
IN CONSUMER REPORTS AND TO OBTAIN CREDIT SCORES.—
‘‘(1) COMMISSION SUMMARY OF RIGHTS REQUIRED.—
‘‘(A) IN GENERAL.—The Commission shall prepare a
model summary of the rights of consumers under this
title.
Regulations.
Effective date.
15 USC 1681x.
Deadline.
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PUBLIC LAW 108–159—DEC. 4, 2003 117 STAT. 1971
‘‘(B) CONTENT OF SUMMARY.—The summary of rights
prepared under subparagraph (A) shall include a description
of—
‘‘(i) the right of a consumer to obtain a copy of
a consumer report under subsection (a) from each consumer
reporting agency;
‘‘(ii) the frequency and circumstances under which
a consumer is entitled to receive a consumer report
without charge under section 612;
‘‘(iii) the right of a consumer to dispute information
in the file of the consumer under section 611;
‘‘(iv) the right of a consumer to obtain a credit
score from a consumer reporting agency, and a description
of how to obtain a credit score;
‘‘(v) the method by which a consumer can contact,
and obtain a consumer report from, a consumer
reporting agency without charge, as provided in the
regulations of the Commission prescribed under section
211(c) of the Fair and Accurate Credit Transactions
Act of 2003; and
‘‘(vi) the method by which a consumer can contact,
and obtain a consumer report from, a consumer
reporting agency described in section 603(w), as provided
in the regulations of the Commission prescribed
under section 612(a)(1)(C).
‘‘(C) AVAILABILITY OF SUMMARY OF RIGHTS.—The
Commission shall—
‘‘(i) actively publicize the availability of the summary
of rights prepared under this paragraph;
‘‘(ii) conspicuously post on its Internet website the
availability of such summary of rights; and
‘‘(iii) promptly make such summary of rights available
to consumers, on request.
‘‘(2) SUMMARY OF RIGHTS REQUIRED TO BE INCLUDED WITH
AGENCY DISCLOSURES.—A consumer reporting agency shall provide
to a consumer, with each written disclosure by the agency
to the consumer under this section—
‘‘(A) the summary of rights prepared by the Commission
under paragraph (1);
‘‘(B) in the case of a consumer reporting agency
described in section 603(p), a toll-free telephone number
established by the agency, at which personnel are accessible
to consumers during normal business hours;
‘‘(C) a list of all Federal agencies responsible for
enforcing any provision of this title, and the address and
any appropriate phone number of each such agency, in
a form that will assist the consumer in selecting the appropriate
agency;
‘‘(D) a statement that the consumer may have additional
rights under State law, and that the consumer may
wish to contact a State or local consumer protection agency
or a State attorney general (or the equivalent thereof)
to learn of those rights; and
‘‘(E) a statement that a consumer reporting agency
is not required to remove accurate derogatory information
from the file of a consumer, unless the information is
outdated under section 605 or cannot be verified.’’.
Public
information.
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117 STAT. 1972 PUBLIC LAW 108–159—DEC. 4, 2003
(d) RULEMAKING REQUIRED.—
(1) IN GENERAL.—The Commission shall prescribe regulations
applicable to consumer reporting agencies described in
section 603(p) of the Fair Credit Reporting Act, to require
the establishment of—
(A) a centralized source through which consumers may
obtain a consumer report from each such consumer
reporting agency, using a single request, and without
charge to the consumer, as provided in section 612(a) of
the Fair Credit Reporting Act (as amended by this section);
and
(B) a standardized form for a consumer to make such
a request for a consumer report by mail or through an
Internet website.
(2) CONSIDERATIONS.—In prescribing regulations under
paragraph (1), the Commission shall consider—
(A) the significant demands that may be placed on
consumer reporting agencies in providing such consumer
reports;
(B) appropriate means to ensure that consumer
reporting agencies can satisfactorily meet those demands,
including the efficacy of a system of staggering the availability
to consumers of such consumer reports; and
(C) the ease by which consumers should be able to
contact consumer reporting agencies with respect to access
to such consumer reports.
(3) CENTRALIZED SOURCE.—The centralized source for a
request for a consumer report from a consumer required by
this subsection shall provide for—
(A) a toll-free telephone number for such purpose;
(B) use of an Internet website for such purpose; and
(C) a process for requests by mail for such purpose.
(4) TRANSITION.—The regulations of the Commission under
paragraph (1) shall provide for an orderly transition by consumer
reporting agencies described in section 603(p) of the
Fair Credit Reporting Act to the centralized source for consumer
report distribution required by section 612(a)(1)(B), as amended
by this section, in a manner that—
(A) does not temporarily overwhelm such consumer
reporting agencies with requests for disclosures of consumer
reports beyond their capacity to deliver; and
(B) does not deny creditors, other users, and consumers
access to consumer reports on a time-sensitive basis for
specific purposes, such as home purchases or suspicions
of identity theft, during the transition period.
(5) TIMING.—Regulations required by this subsection
shall—
(A) be issued in final form not later than 6 months
after the date of enactment of this Act; and
(B) become effective not later than 6 months after
the date on which they are issued in final form.
(6) SCOPE OF REGULATIONS.—
(A) IN GENERAL.—The Commission shall, by rule, determine
whether to require a consumer reporting agency that
compiles and maintains files on consumers on substantially
a nationwide basis, other than one described in section
Effective date.
Deadline.
15 USC 1681j
note.
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PUBLIC LAW 108–159—DEC. 4, 2003 117 STAT. 1973
603(p) of the Fair Credit Reporting Act, to make free consumer
reports available upon consumer request, and if
so, whether such consumer reporting agencies should make
such free reports available through the centralized source
described in paragraph (1)(A).
(B) CONSIDERATIONS.—Before making any determination
under subparagraph (A), the Commission shall
consider—
(i) the number of requests for consumer reports
to, and the number of consumer reports generated
by, the consumer reporting agency, in comparison with
consumer reporting agencies described in subsections
(p) and (w) of section 603 of the Fair Credit Reporting
Act;
(ii) the overall scope of the operations of the consumer
reporting agency;
(iii) the needs of consumers for access to consumer
reports provided by consumer reporting agencies free
of charge;
(iv) the costs of providing access to consumer
reports by consumer reporting agencies free of charge;
and
(v) the effects on the ongoing competitive viability
of such consumer reporting agencies if such free access
is required.
SEC. 212. DISCLOSURE OF CREDIT SCORES.
(a) STATEMENT ON AVAILABILITY OF CREDIT SCORES.—Section
609(a) of the Fair Credit Reporting Act (15 U.S.C. 1681g(a)) is
amended by adding at the end the following new paragraph:
‘‘(6) If the consumer requests the credit file and not the
credit score, a statement that the consumer may request and
obtain a credit score.’’.
(b) DISCLOSURE OF CREDIT SCORES.—Section 609 of the Fair
Credit Reporting Act (15 U.S.C. 1681g), as amended by this Act,
is amended by adding at the end the following:
‘‘(f) DISCLOSURE OF CREDIT SCORES.—
‘‘(1) IN GENERAL.—Upon the request of a consumer for
a credit score, a consumer reporting agency shall supply to
the consumer a statement indicating that the information and
credit scoring model may be different than the credit score
that may be used by the lender, and a notice which shall
include—
‘‘(A) the current credit score of the consumer or the
most recent credit score of the consumer that was previously
calculated by the credit reporting agency for a
purpose related to the extension of credit;
‘‘(B) the range of possible credit scores under the model
used;
‘‘(C) all of the key factors that adversely affected the
credit score of the consumer in the model used, the total
number of which shall not exceed 4, subject to paragraph
(9);
‘‘(D) the date on which the credit score was created;
and
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117 STAT. 1974 PUBLIC LAW 108–159—DEC. 4, 2003
‘‘(E) the name of the person or entity that provided
the credit score or credit file upon which the credit score
was created.
‘‘(2) DEFINITIONS.—For purposes of this subsection, the following
definitions shall apply:
‘‘(A) CREDIT SCORE.—The term ‘credit score’—
‘‘(i) means a numerical value or a categorization
derived from a statistical tool or modeling system used
by a person who makes or arranges a loan to predict
the likelihood of certain credit behaviors, including
default (and the numerical value or the categorization
derived from such analysis may also be referred to
as a ‘risk predictor’ or ‘risk score’); and
‘‘(ii) does not include—
‘‘(I) any mortgage score or rating of an automated
underwriting system that considers one or
more factors in addition to credit information,
including the loan to value ratio, the amount of
down payment, or the financial assets of a consumer;
or
‘‘(II) any other elements of the underwriting
process or underwriting decision.
‘‘(B) KEY FACTORS.—The term ‘key factors’ means all
relevant elements or reasons adversely affecting the credit
score for the particular individual, listed in the order of
their importance based on their effect on the credit score.
‘‘(3) TIMEFRAME AND MANNER OF DISCLOSURE.—The
information required by this subsection shall be provided in
the same timeframe and manner as the information described
in subsection (a).
‘‘(4) APPLICABILITY TO CERTAIN USES.—This subsection shall
not be construed so as to compel a consumer reporting agency
to develop or disclose a score if the agency does not—
‘‘(A) distribute scores that are used in connection with
residential real property loans; or
‘‘(B) develop scores that assist credit providers in
understanding the general credit behavior of a consumer
and predicting the future credit behavior of the consumer.
‘‘(5) APPLICABILITY TO CREDIT SCORES DEVELOPED BY
ANOTHER PERSON.—
‘‘(A) IN GENERAL.—This subsection shall not be construed
to require a consumer reporting agency that distributes
credit scores developed by another person or entity
to provide a further explanation of them, or to process
a dispute arising pursuant to section 611, except that the
consumer reporting agency shall provide the consumer with
the name and address and website for contacting the person
or entity who developed the score or developed the methodology
of the score.
‘‘(B) EXCEPTION.—This paragraph shall not apply to
a consumer reporting agency that develops or modifies
scores that are developed by another person or entity.
‘‘(6) MAINTENANCE OF CREDIT SCORES NOT REQUIRED.—This
subsection shall not be construed to require a consumer
reporting agency to maintain credit scores in its files.
‘‘(7) COMPLIANCE IN CERTAIN CASES.—In complying with
this subsection, a consumer reporting agency shall—
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PUBLIC LAW 108–159—DEC. 4, 2003 117 STAT. 1975
‘‘(A) supply the consumer with a credit score that is
derived from a credit scoring model that is widely distributed
to users by that consumer reporting agency in connection
with residential real property loans or with a credit
score that assists the consumer in understanding the credit
scoring assessment of the credit behavior of the consumer
and predictions about the future credit behavior of the
consumer; and
‘‘(B) a statement indicating that the information and
credit scoring model may be different than that used by
the lender.
‘‘(8) FAIR AND REASONABLE FEE.—A consumer reporting
agency may charge a fair and reasonable fee, as determined
by the Commission, for providing the information required
under this subsection.
‘‘(9) USE OF ENQUIRIES AS A KEY FACTOR.—If a key factor
that adversely affects the credit score of a consumer consists
of the number of enquiries made with respect to a consumer
report, that factor shall be included in the disclosure pursuant
to paragraph (1)(C) without regard to the numerical limitation
in such paragraph.’’.
(c) DISCLOSURE OF CREDIT SCORES BY CERTAIN MORTGAGE
LENDERS.—Section 609 of the Fair Credit Reporting Act (15 U.S.C.
1681g), as amended by this Act, is amended by adding at the
end the following:
‘‘(g) DISCLOSURE OF CREDIT SCORES BY CERTAIN MORTGAGE
LENDERS.—
‘‘(1) IN GENERAL.—Any person who makes or arranges loans
and who uses a consumer credit score, as defined in subsection
(f), in connection with an application initiated or sought by
a consumer for a closed end loan or the establishment of an
open end loan for a consumer purpose that is secured by 1
to 4 units of residential real property (hereafter in this subsection
referred to as the ‘lender’) shall provide the following
to the consumer as soon as reasonably practicable:
‘‘(A) INFORMATION REQUIRED UNDER SUBSECTION (f ).—
‘‘(i) IN GENERAL.—A copy of the information identified
in subsection (f) that was obtained from a consumer
reporting agency or was developed and used
by the user of the information.
‘‘(ii) NOTICE UNDER SUBPARAGRAPH (D).—In addition
to the information provided to it by a third party
that provided the credit score or scores, a lender is
only required to provide the notice contained in
subparagraph (D).
‘‘(B) DISCLOSURES IN CASE OF AUTOMATED UNDERWRITING
SYSTEM.—
‘‘(i) IN GENERAL.—If a person that is subject to
this subsection uses an automated underwriting
system to underwrite a loan, that person may satisfy
the obligation to provide a credit score by disclosing
a credit score and associated key factors supplied by
a consumer reporting agency.
‘‘(ii) NUMERICAL CREDIT SCORE.—However, if a
numerical credit score is generated by an automated
underwriting system used by an enterprise, and that
score is disclosed to the person, the score shall be
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117 STAT. 1976 PUBLIC LAW 108–159—DEC. 4, 2003
disclosed to the consumer consistent with subparagraph
(C).
‘‘(iii) ENTERPRISE DEFINED.—For purposes of this
subparagraph, the term ‘enterprise’ has the same
meaning as in paragraph (6) of section 1303 of the
Federal Housing Enterprises Financial Safety and
Soundness Act of 1992.
‘‘(C) DISCLOSURES OF CREDIT SCORES NOT OBTAINED
FROM A CONSUMER REPORTING AGENCY.—A person that is
subject to the provisions of this subsection and that uses
a credit score, other than a credit score provided by a
consumer reporting agency, may satisfy the obligation to
provide a credit score by disclosing a credit score and
associated key factors supplied by a consumer reporting
agency.
‘‘(D) NOTICE TO HOME LOAN APPLICANTS.—A copy of
the following notice, which shall include the name, address,
and telephone number of each consumer reporting agency
providing a credit score that was used:
‘NOTICE TO THE HOME LOAN APPLICANT
‘In connection with your application for a home loan, the lender
must disclose to you the score that a consumer reporting agency
distributed to users and the lender used in connection with your
home loan, and the key factors affecting your credit scores.
‘The credit score is a computer generated summary calculated
at the time of the request and based on information that a consumer
reporting agency or lender has on file. The scores are based on
data about your credit history and payment patterns. Credit scores
are important because they are used to assist the lender in determining
whether you will obtain a loan. They may also be used
to determine what interest rate you may be offered on the mortgage.
Credit scores can change over time, depending on your conduct,
how your credit history and payment patterns change, and how
credit scoring technologies change.
‘Because the score is based on information in your credit history,
it is very important that you review the credit-related information
that is being furnished to make sure it is accurate. Credit
records may vary from one company to another.
‘If you have questions about your credit score or the credit
information that is furnished to you, contact the consumer reporting
agency at the address and telephone number provided with this
notice, or contact the lender, if the lender developed or generated
the credit score. The consumer reporting agency plays no part
in the decision to take any action on the loan application and
is unable to provide you with specific reasons for the decision
on a loan application.
‘If you have questions concerning the terms of the loan, contact
the lender.’.
‘‘(E) ACTIONS NOT REQUIRED UNDER THIS SUBSECTION.—
This subsection shall not require any person to—
‘‘(i) explain the information provided pursuant to
subsection (f);
‘‘(ii) disclose any information other than a credit
score or key factors, as defined in subsection (f);
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PUBLIC LAW 108–159—DEC. 4, 2003 117 STAT. 1977
‘‘(iii) disclose any credit score or related information
obtained by the user after a loan has closed;
‘‘(iv) provide more than 1 disclosure per loan transaction;
or
‘‘(v) provide the disclosure required by this subsection
when another person has made the disclosure
to the consumer for that loan transaction.
‘‘(F) NO OBLIGATION FOR CONTENT.—
‘‘(i) IN GENERAL.—The obligation of any person
pursuant to this subsection shall be limited solely to
providing a copy of the information that was received
from the consumer reporting agency.
‘‘(ii) LIMIT ON LIABILITY.—No person has liability
under this subsection for the content of that information
or for the omission of any information within
the report provided by the consumer reporting agency.
‘‘(G) PERSON DEFINED AS EXCLUDING ENTERPRISE.—As
used in this subsection, the term ‘person’ does not include
an enterprise (as defined in paragraph (6) of section 1303
of the Federal Housing Enterprises Financial Safety and
Soundness Act of 1992).
‘‘(2) PROHIBITION ON DISCLOSURE CLAUSES NULL AND VOID.—
‘‘(A) IN GENERAL.—Any provision in a contract that
prohibits the disclosure of a credit score by a person who
makes or arranges loans or a consumer reporting agency
is void.
‘‘(B) NO LIABILITY FOR DISCLOSURE UNDER THIS SUBSECTION.—
A lender shall not have liability under any
contractual provision for disclosure of a credit score pursuant
to this subsection.’’.
(d) INCLUSION OF KEY FACTOR IN CREDIT SCORE INFORMATION
IN CONSUMER REPORT.—Section 605(d) of the Fair Credit Reporting
Act (15 U.S.C. 1681c(d)) is amended—
(1) by striking ‘‘DISCLOSED.—Any consumer reporting
agency’’ and inserting ‘‘DISCLOSED.—
‘‘(1) TITLE 11 INFORMATION.—Any consumer reporting
agency’’; and
(2) by adding at the end the following new paragraph:
‘‘(2) KEY FACTOR IN CREDIT SCORE INFORMATION.—Any consumer
reporting agency that furnishes a consumer report that
contains any credit score or any other risk score or predictor
on any consumer shall include in the report a clear and conspicuous
statement that a key factor (as defined in section
609(f)(2)(B)) that adversely affected such score or predictor
was the number of enquiries, if such a predictor was in fact
a key factor that adversely affected such score. This paragraph
shall not apply to a check services company, acting as such,
which issues authorizations for the purpose of approving or
processing negotiable instruments, electronic fund transfers,
or similar methods of payments, but only to the extent that
such company is engaged in such activities.’’.
(e) TECHNICAL AND CONFORMING AMENDMENTS.—Section 625(b)
of the Fair Credit Reporting Act (15 U.S.C. 1681t(b)), as so designated
by section 214 of this Act, is amended—
(1) by striking ‘‘or’’ at the end of paragraph (2); and
(2) by striking paragraph (3) and inserting the following:
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117 STAT. 1978 PUBLIC LAW 108–159—DEC. 4, 2003
‘‘(3) with respect to the disclosures required to be made
under subsection (c), (d), (e), or (g) of section 609, or subsection
(f) of section 609 relating to the disclosure of credit scores
for credit granting purposes, except that this paragraph—
‘‘(A) shall not apply with respect to sections 1785.10,
1785.16, and 1785.20.2 of the California Civil Code (as
in effect on the date of enactment of the Fair and Accurate
Credit Transactions Act of 2003) and section 1785.15
through section 1785.15.2 of such Code (as in effect on
such date);
‘‘(B) shall not apply with respect to sections 5–3–106(2)
and 212–14.3–104.3 of the Colorado Revised Statutes (as
in effect on the date of enactment of the Fair and Accurate
Credit Transactions Act of 2003); and
‘‘(C) shall not be construed as limiting, annulling,
affecting, or superseding any provision of the laws of any
State regulating the use in an insurance activity, or regulating
disclosures concerning such use, of a credit-based
insurance score of a consumer by any person engaged in
the business of insurance;
‘‘(4) with respect to the frequency of any disclosure under

section 612(a), except that this paragraph shall not apply—
‘‘(A) with respect to section 12–14.3–105(1)(d) of the
Colorado Revised Statutes (as in effect on the date of
enactment of the Fair and Accurate Credit Transactions
Act of 2003);
‘‘(B) with respect to section 10–1–393(29)(C) of the
Georgia Code (as in effect on the date of enactment of
the Fair and Accurate Credit Transactions Act of 2003);
‘‘(C) with respect to section 1316.2 of title 10 of the
Maine Revised Statutes (as in effect on the date of enactment
of the Fair and Accurate Credit Transactions Act
of 2003);
‘‘(D) with respect to sections 14–1209(a)(1) and 14–
1209(b)(1)(i) of the Commercial Law Article of the Code
of Maryland (as in effect on the date of enactment of
the Fair and Accurate Credit Transactions Act of 2003);
‘‘(E) with respect to section 59(d) and section 59(e)
of chapter 93 of the General Laws of Massachusetts (as
in effect on the date of enactment of the Fair and Accurate
Credit Transactions Act of 2003);
‘‘(F) with respect to section 56:11–37.10(a)(1) of the
New Jersey Revised Statutes (as in effect on the date
of enactment of the Fair and Accurate Credit Transactions
Act of 2003); or
‘‘(G) with respect to section 2480c(a)(1) of title 9 of
the Vermont Statutes Annotated (as in effect on the date
of enactment of the Fair and Accurate Credit Transactions
Act of 2003); or’’.
SEC. 213. ENHANCED DISCLOSURE OF THE MEANS AVAILABLE TO OPT
OUT OF PRESCREENED LISTS.
(a) NOTICE AND RESPONSE FORMAT FOR USERS OF REPORTS.—
Section 615(d)(2) of the Fair Credit Reporting Act (15 U.S.C.
1681m(d)(2)) is amended to read as follows:
‘‘(2) DISCLOSURE OF ADDRESS AND TELEPHONE NUMBER; FORMAT.—
A statement under paragraph (1) shall—
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PUBLIC LAW 108–159—DEC. 4, 2003 117 STAT. 1979
‘‘(A) include the address and toll-free telephone number
of the appropriate notification system established under
section 604(e); and
‘‘(B) be presented in such format and in such type
size and manner as to be simple and easy to understand,
as established by the Commission, by rule, in consultation
with the Federal banking agencies and the National Credit
Union Administration.’’.
(b) RULEMAKING SCHEDULE.—Regulations required by section
615(d)(2) of the Fair Credit Reporting Act, as amended by this
section, shall be issued in final form not later than 1 year after
the date of enactment of this Act.
(c) DURATION OF ELECTIONS.—Section 604(e) of the Fair Credit
Reporting Act (15 U.S.C. 1681b(e)) is amended in each of paragraphs
(3)(A) and (4)(B)(i)), by striking ‘‘2-year period’’ each place that
term appears and inserting ‘‘5-year period’’.
(d) PUBLIC AWARENESS CAMPAIGN.—The Commission shall
actively publicize and conspicuously post on its website any address
and the toll-free telephone number established as part of a notification
system for opting out of prescreening under section 604(e)
of the Fair Credit Reporting Act (15 U.S.C. 1681b(e)), and otherwise
take measures to increase public awareness regarding the availability
of the right to opt out of prescreening.
(e) ANALYSIS OF FURTHER RESTRICTIONS ON OFFERS OF CREDIT
OR INSURANCE.—
(1) IN GENERAL.—The Board shall conduct a study of—
(A) the ability of consumers to avoid receiving written
offers of credit or insurance in connection with transactions
not initiated by the consumer; and
(B) the potential impact that any further restrictions
on providing consumers with such written offers of credit
or insurance would have on consumers.
(2) REPORT.—The Board shall submit a report summarizing
the results of the study required under paragraph (1) to the
Congress not later than 12 months after the date of enactment
of this Act, together with such recommendations for legislative
or administrative action as the Board may determine to be
appropriate.
(3) CONTENT OF REPORT.—The report described in paragraph
(2) shall address the following issues:
(A) The current statutory or voluntary mechanisms
that are available to a consumer to notify lenders and
insurance providers that the consumer does not wish to
receive written offers of credit or insurance.
(B) The extent to which consumers are currently utilizing
existing statutory and voluntary mechanisms to avoid
receiving offers of credit or insurance.
(C) The benefits provided to consumers as a result
of receiving written offers of credit or insurance.
(D) Whether consumers incur significant costs or are
otherwise adversely affected by the receipt of written offers
of credit or insurance.
(E) Whether further restricting the ability of lenders
and insurers to provide written offers of credit or insurance
to consumers would affect—
(i) the cost consumers pay to obtain credit or insurance;
Deadline.
15 USC 1601
note.
Internet.
15 USC 1681b
note.
Deadline.
15 USC 1681m
note.
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117 STAT. 1980 PUBLIC LAW 108–159—DEC. 4, 2003
(ii) the availability of credit or insurance;
(iii) consumers’ knowledge about new or alternative
products and services;
(iv) the ability of lenders or insurers to compete
with one another; and
(v) the ability to offer credit or insurance products
to consumers who have been traditionally underserved.
SEC. 214. AFFILIATE SHARING.
(a) LIMITATION.—The Fair Credit Reporting Act (15 U.S.C. 1601
et seq.) is amended—
(1) by redesignating sections 624 (15 U.S.C. 1681t), 625
(15 U.S.C. 1681u), and 626 (15 U.S.C. 6181v) as sections 625,
626, and 627, respectively; and
(2) by inserting after section 623 the following:
‘‘§ 624. Affiliate sharing
‘‘(a) SPECIAL RULE FOR SOLICITATION FOR PURPOSES OF MARKETING.—
‘‘(1) NOTICE.—Any person that receives from another person
related to it by common ownership or affiliated by corporate
control a communication of information that would be a consumer
report, but for clauses (i), (ii), and (iii) of section
603(d)(2)(A), may not use the information to make a solicitation
for marketing purposes to a consumer about its products or
services, unless—
‘‘(A) it is clearly and conspicuously disclosed to the
consumer that the information may be communicated
among such persons for purposes of making such solicitations
to the consumer; and
‘‘(B) the consumer is provided an opportunity and a
simple method to prohibit the making of such solicitations
to the consumer by such person.
‘‘(2) CONSUMER CHOICE.—
‘‘(A) IN GENERAL.—The notice required under paragraph
(1) shall allow the consumer the opportunity to prohibit
all solicitations referred to in such paragraph, and
may allow the consumer to choose from different options
when electing to prohibit the sending of such solicitations,
including options regarding the types of entities and
information covered, and which methods of delivering solicitations
the consumer elects to prohibit.
‘‘(B) FORMAT.—Notwithstanding subparagraph (A), the
notice required under paragraph (1) shall be clear, conspicuous,
and concise, and any method provided under
paragraph (1)(B) shall be simple. The regulations prescribed
to implement this section shall provide specific
guidance regarding how to comply with such standards.
‘‘(3) DURATION.—
‘‘(A) IN GENERAL.—The election of a consumer pursuant
to paragraph (1)(B) to prohibit the making of solicitations
shall be effective for at least 5 years, beginning on the
date on which the person receives the election of the consumer,
unless the consumer requests that such election
be revoked.
‘‘(B) NOTICE UPON EXPIRATION OF EFFECTIVE PERIOD.—
At such time as the election of a consumer pursuant to
15 USC 1681s–3.
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PUBLIC LAW 108–159—DEC. 4, 2003 117 STAT. 1981
paragraph (1)(B) is no longer effective, a person may not
use information that the person receives in the manner
described in paragraph (1) to make any solicitation for
marketing purposes to the consumer, unless the consumer
receives a notice and an opportunity, using a simple
method, to extend the opt-out for another period of at
least 5 years, pursuant to the procedures described in
paragraph (1).
‘‘(4) SCOPE.—This section shall not apply to a person—
‘‘(A) using information to make a solicitation for marketing
purposes to a consumer with whom the person has
a pre-existing business relationship;
‘‘(B) using information to facilitate communications to
an individual for whose benefit the person provides
employee benefit or other services pursuant to a contract
with an employer related to and arising out of the current
employment relationship or status of the individual as
a participant or beneficiary of an employee benefit plan;
‘‘(C) using information to perform services on behalf
of another person related by common ownership or affiliated
by corporate control, except that this subparagraph
shall not be construed as permitting a person to send
solicitations on behalf of another person, if such other
person would not be permitted to send the solicitation
on its own behalf as a result of the election of the consumer
to prohibit solicitations under paragraph (1)(B);
‘‘(D) using information in response to a communication
initiated by the consumer;
‘‘(E) using information in response to solicitations
authorized or requested by the consumer; or
‘‘(F) if compliance with this section by that person
would prevent compliance by that person with any provision
of State insurance laws pertaining to unfair discrimination
in any State in which the person is lawfully doing
business.
‘‘(5) NO RETROACTIVITY.—This subsection shall not prohibit
the use of information to send a solicitation to a consumer
if such information was received prior to the date on which
persons are required to comply with regulations implementing
this subsection.
‘‘(b) NOTICE FOR OTHER PURPOSES PERMISSIBLE.—A notice or
other disclosure under this section may be coordinated and consolidated
with any other notice required to be issued under any other
provision of law by a person that is subject to this section, and
a notice or other disclosure that is equivalent to the notice required
by subsection (a), and that is provided by a person described in
subsection (a) to a consumer together with disclosures required
by any other provision of law, shall satisfy the requirements of
subsection (a).
‘‘(c) USER REQUIREMENTS.—Requirements with respect to the
use by a person of information received from another person related
to it by common ownership or affiliated by corporate control, such
as the requirements of this section, constitute requirements with
respect to the exchange of information among persons affiliated
by common ownership or common corporate control, within the
meaning of section 625(b)(2).
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117 STAT. 1982 PUBLIC LAW 108–159—DEC. 4, 2003
‘‘(d) DEFINITIONS.—For purposes of this section, the following
definitions shall apply:
‘‘(1) PRE-EXISTING BUSINESS RELATIONSHIP.—The term ‘preexisting
business relationship’ means a relationship between
a person, or a person’s licensed agent, and a consumer, based
on—
‘‘(A) a financial contract between a person and a consumer
which is in force;
‘‘(B) the purchase, rental, or lease by the consumer
of that person’s goods or services, or a financial transaction
(including holding an active account or a policy in force
or having another continuing relationship) between the
consumer and that person during the 18-month period
immediately preceding the date on which the consumer
is sent a solicitation covered by this section;
‘‘(C) an inquiry or application by the consumer
regarding a product or service offered by that person,
during the 3-month period immediately preceding the date
on which the consumer is sent a solicitation covered by
this section; or
‘‘(D) any other pre-existing customer relationship
defined in the regulations implementing this section.
‘‘(2) SOLICITATION.—The term ‘solicitation’ means the marketing
of a product or service initiated by a person to a particular
consumer that is based on an exchange of information
described in subsection (a), and is intended to encourage the
consumer to purchase such product or service, but does not
include communications that are directed at the general public
or determined not to be a solicitation by the regulations prescribed
under this section.’’.
(b) RULEMAKING REQUIRED.—
(1) IN GENERAL.—The Federal banking agencies, the
National Credit Union Administration, and the Commission,
with respect to the entities that are subject to their respective
enforcement authority under section 621 of the Fair Credit
Reporting Act and the Securities and Exchange Commission,
and in coordination as described in paragraph (2), shall prescribe
regulations to implement section 624 of the Fair Credit
Reporting Act, as added by this section.
(2) COORDINATION.—Each agency required to prescribe
regulations under paragraph (1) shall consult and coordinate
with each other such agency so that, to the extent possible,
the regulations prescribed by each such entity are consistent
and comparable with the regulations prescribed by each other
such agency.
(3) CONSIDERATIONS.—In promulgating regulations under
this subsection, each agency referred to in paragraph (1) shall—
(A) ensure that affiliate sharing notification methods
provide a simple means for consumers to make determinations
and choices under section 624 of the Fair Credit
Reporting Act, as added by this section;
(B) consider the affiliate sharing notification practices
employed on the date of enactment of this Act by persons
that will be subject to that section 624; and
(C) ensure that notices and disclosures may be coordinated
and consolidated, as provided in subsection (b) of
that section 624.
15 USC 1681s–3
note.
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PUBLIC LAW 108–159—DEC. 4, 2003 117 STAT. 1983
(4) TIMING.—Regulations required by this subsection
shall—
(A) be issued in final form not later than 9 months
after the date of enactment of this Act; and
(B) become effective not later than 6 months after
the date on which they are issued in final form.
(c) TECHNICAL AND CONFORMING AMENDMENTS.—
(1) DEFINITIONS.—Section 603(d)(2)(A) of the Fair Credit
Reporting Act (15 U.S.C. 1681(d)(2)(A)) is amended by inserting
‘‘subject to section 624,’’ after ‘‘(A)’’.
(2) RELATION TO STATE LAWS.—Section 625(b)(1) of the Fair
Credit Reporting Act (15 U.S.C. 1681t(b)(1)), as so designated
by subsection (a) of this section, is amended—
(A) by striking ‘‘or’’ after the semicolon at the end
of subparagraph (E); and
(B) by adding at the end the following new subparagraph:
‘‘(H) section 624, relating to the exchange and use
of information to make a solicitation for marketing purposes;
or’’.
(3) CROSS REFERENCE CORRECTION.—Section 627(d) of the
Fair Credit Reporting Act (15 U.S.C. 1681v(d)), as so designated
by subsection (a) of this section, is amended by striking ‘‘section
625’’ and inserting ‘‘section 626’’.
(4) TABLE OF SECTIONS.—The table of sections for title
VI of the Consumer Credit Protection Act (15 U.S.C. 1601
et seq.) is amended by striking the items relating to sections
624 through 626 and inserting the following:
‘‘624. Affiliate sharing.
‘‘625. Relation to State laws.
‘‘626. Disclosures to FBI for counterintelligence purposes.
‘‘627. Disclosures to governmental agencies for counterintelligence purposes.’’.
(e) STUDIES OF INFORMATION SHARING PRACTICES.—
(1) IN GENERAL.—The Federal banking agencies, the
National Credit Union Administration, and the Commission
shall jointly conduct regular studies of the consumer information
sharing practices by financial institutions and other persons
that are creditors or users of consumer reports with their
affiliates.
(2) MATTERS FOR STUDY.—In conducting the studies
required by paragraph (1), the agencies described in paragraph
(1) shall—
(A) identify—
(i) the purposes for which financial institutions
and other creditors and users of consumer reports
share consumer information;
(ii) the types of information shared by such entities
with their affiliates;
(iii) the number of choices provided to consumers
with respect to the control of such sharing, and the
degree to and manner in which consumers exercise
such choices, if at all; and
(iv) whether such entities share or may share
personally identifiable transaction or experience
information with affiliates for purposes—
(I) that are related to employment or hiring,
including whether the person that is the subject
15 USC 1681s–3
note.
15 USC 1681a.
Effective date.
Deadline.
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117 STAT. 1984 PUBLIC LAW 108–159—DEC. 4, 2003
of such information is given notice of such sharing,
and the specific uses of such shared information;
or
(II) of general publication of such information;
and
(B) specifically examine the information sharing practices
that financial institutions and other creditors and
users of consumer reports and their affiliates employ for
the purpose of making underwriting decisions or credit
evaluations of consumers.
(3) REPORTS.—
(A) INITIAL REPORT.—Not later than 3 years after the
date of enactment of this Act, the Federal banking agencies,
the National Credit Union Administration, and the
Commission shall jointly submit a report to the Congress
on the results of the initial study conducted in accordance
with this subsection, together with any recommendations
for legislative or regulatory action.
(B) FOLLOWUP REPORTS.—The Federal banking agencies,
the National Credit Union Administration, and the
Commission shall, not less frequently than once every 3
years following the date of submission of the initial report
under subparagraph (A), jointly submit a report to the
Congress that, together with any recommendations for
legislative or regulatory action—
(i) documents any changes in the areas of study
referred to in paragraph (2)(A) occurring since the
date of submission of the previous report;
(ii) identifies any changes in the practices of financial
institutions and other creditors and users of consumer
reports in sharing consumer information with
their affiliates for the purpose of making underwriting
decisions or credit evaluations of consumers occurring
since the date of submission of the previous report;
and
(iii) examines the effects that changes described
in clause (ii) have had, if any, on the degree to which
such affiliate sharing practices reduce the need for
financial institutions, creditors, and other users of consumer
reports to rely on consumer reports for such
decisions.
SEC. 215. STUDY OF EFFECTS OF CREDIT SCORES AND CREDIT-BASED
INSURANCE SCORES ON AVAILABILITY AND AFFORDABILITY
OF FINANCIAL PRODUCTS.
(a) STUDY REQUIRED.—The Commission and the Board, in consultation
with the Office of Fair Housing and Equal Opportunity
of the Department of Housing and Urban Development, shall conduct
a study of—
(1) the effects of the use of credit scores and credit-based
insurance scores on the availability and affordability of financial
products and services, including credit cards, mortgages, auto
loans, and property and casualty insurance;
(2) the statistical relationship, utilizing a multivariate analysis
that controls for prohibited factors under the Equal Credit
Opportunity Act and other known risk factors, between credit
15 USC 1681
note.
Deadlines.
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PUBLIC LAW 108–159—DEC. 4, 2003 117 STAT. 1985
scores and credit-based insurance scores and the quantifiable
risks and actual losses experienced by businesses;
(3) the extent to which, if any, the use of credit scoring
models, credit scores, and credit-based insurance scores impact
on the availability and affordability of credit and insurance
to the extent information is currently available or is available
through proxies, by geography, income, ethnicity, race, color,
religion, national origin, age, sex, marital status, and creed,
including the extent to which the consideration or lack of consideration
of certain factors by credit scoring systems could result
in negative or differential treatment of protected classes under
the Equal Credit Opportunity Act, and the extent to which,
if any, the use of underwriting systems relying on these models
could achieve comparable results through the use of factors
with less negative impact; and
(4) the extent to which credit scoring systems are used
by businesses, the factors considered by such systems, and
the effects of variables which are not considered by such systems.
(b) PUBLIC PARTICIPATION.—The Commission shall seek public
input about the prescribed methodology and research design of
the study described in subsection (a), including from relevant Federal
regulators, State insurance regulators, community, civil rights,
consumer, and housing groups.
(c) REPORT REQUIRED.—
(1) IN GENERAL.—Before the end of the 24-month period
beginning on the date of enactment of this Act, the Commission
shall submit a detailed report on the study conducted pursuant
to subsection (a) to the Committee on Financial Services of
the House of Representatives and the Committee on Banking,
Housing, and Urban Affairs of the Senate.
(2) CONTENTS OF REPORT.—The report submitted under
paragraph (1) shall include the findings and conclusions of
the Commission, recommendations to address specific areas
of concerns addressed in the study, and recommendations for
legislative or administrative action that the Commission may
determine to be necessary to ensure that credit and creditbased
insurance scores are used appropriately and fairly to
avoid negative effects.
SEC. 216. DISPOSAL OF CONSUMER REPORT INFORMATION AND
RECORDS.
(a) IN GENERAL.—The Fair Credit Reporting Act (15 U.S.C.
1681 et seq.), as amended by this Act, is amended by adding
at the end the following:
‘‘§ 628. Disposal of records
‘‘(a) REGULATIONS.—
‘‘(1) IN GENERAL.—Not later than 1 year after the date
of enactment of this section, the Federal banking agencies,
the National Credit Union Administration, and the Commission
with respect to the entities that are subject to their respective
enforcement authority under section 621, and the Securities
and Exchange Commission, and in coordination as described
in paragraph (2), shall issue final regulations requiring any
person that maintains or otherwise possesses consumer
information, or any compilation of consumer information,
Deadline.
15 USC 1681w.
Deadline.
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117 STAT. 1986 PUBLIC LAW 108–159—DEC. 4, 2003
derived from consumer reports for a business purpose to properly
dispose of any such information or compilation.
‘‘(2) COORDINATION.—Each agency required to prescribe
regulations under paragraph (1) shall—
‘‘(A) consult and coordinate with each other such
agency so that, to the extent possible, the regulations prescribed
by each such agency are consistent and comparable
with the regulations by each such other agency; and
‘‘(B) ensure that such regulations are consistent with
the requirements and regulations issued pursuant to Public
Law 106–102 and other provisions of Federal law.
‘‘(3) EXEMPTION AUTHORITY.—In issuing regulations under
this section, the Federal banking agencies, the National Credit
Union Administration, the Commission, and the Securities and
Exchange Commission may exempt any person or class of persons
from application of those regulations, as such agency
deems appropriate to carry out the purpose of this section.
‘‘(b) RULE OF CONSTRUCTION.—Nothing in this section shall
be construed—
‘‘(1) to require a person to maintain or destroy any record
pertaining to a consumer that is not imposed under other
law; or
‘‘(2) to alter or affect any requirement imposed under any
other provision of law to maintain or destroy such a record.’’.
(b) CLERICAL AMENDMENT.—The table of sections for title VI
of the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.)
is amended by inserting after the item relating to section 627,
as added by section 214 of this Act, the following:
‘‘628. Disposal of records.
‘‘629. Corporate and technological circumvention prohibited.’’.
SEC. 217. REQUIREMENT TO DISCLOSE COMMUNICATIONS TO A CONSUMER
REPORTING AGENCY.
(a) IN GENERAL.—Section 623(a) of the Fair Credit Reporting
Act (15 U.S.C. 1681s–2(a)) as amended by this Act, is amended
by inserting after paragraph (6), the following new paragraph:
‘‘(7) NEGATIVE INFORMATION.—
‘‘(A) NOTICE TO CONSUMER REQUIRED.—
‘‘(i) IN GENERAL.—If any financial institution that
extends credit and regularly and in the ordinary course
of business furnishes information to a consumer
reporting agency described in section 603(p) furnishes
negative information to such an agency regarding
credit extended to a customer, the financial institution
shall provide a notice of such furnishing of negative
information, in writing, to the customer.
‘‘(ii) NOTICE EFFECTIVE FOR SUBSEQUENT SUBMISSIONS.—
After providing such notice, the financial
institution may submit additional negative information
to a consumer reporting agency described in section
603(p) with respect to the same transaction, extension
of credit, account, or customer without providing additional
notice to the customer.
‘‘(B) TIME OF NOTICE.—
‘‘(i) IN GENERAL.—The notice required under
subparagraph (A) shall be provided to the customer
prior to, or no later than 30 days after, furnishing
Deadline.
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PUBLIC LAW 108–159—DEC. 4, 2003 117 STAT. 1987
the negative information to a consumer reporting
agency described in section 603(p).
‘‘(ii) COORDINATION WITH NEW ACCOUNT DISCLOSURES.—
If the notice is provided to the customer prior
to furnishing the negative information to a consumer
reporting agency, the notice may not be included in
the initial disclosures provided under section 127(a)
of the Truth in Lending Act.
‘‘(C) COORDINATION WITH OTHER DISCLOSURES.—The
notice required under subparagraph (A)—
‘‘(i) may be included on or with any notice of
default, any billing statement, or any other materials
provided to the customer; and
‘‘(ii) must be clear and conspicuous.
‘‘(D) MODEL DISCLOSURE.—
‘‘(i) DUTY OF BOARD TO PREPARE.—The Board shall
prescribe a brief model disclosure a financial institution
may use to comply with subparagraph (A), which shall
not exceed 30 words.
‘‘(ii) USE OF MODEL NOT REQUIRED.—No provision
of this paragraph shall be construed as requiring a
financial institution to use any such model form prescribed
by the Board.
‘‘(iii) COMPLIANCE USING MODEL.—A financial
institution shall be deemed to be in compliance with
subparagraph (A) if the financial institution uses any
such model form prescribed by the Board, or the financial
institution uses any such model form and
rearranges its format.
‘‘(E) USE OF NOTICE WITHOUT SUBMITTING NEGATIVE
INFORMATION.—No provision of this paragraph shall be construed
as requiring a financial institution that has provided
a customer with a notice described in subparagraph (A)
to furnish negative information about the customer to a
consumer reporting agency.
‘‘(F) SAFE HARBOR.—A financial institution shall not
be liable for failure to perform the duties required by
this paragraph if, at the time of the failure, the financial
institution maintained reasonable policies and procedures
to comply with this paragraph or the financial institution
reasonably believed that the institution is prohibited, by
law, from contacting the consumer.
‘‘(G) DEFINITIONS.—For purposes of this paragraph, the
following definitions shall apply:
‘‘(i) NEGATIVE INFORMATION.—The term ‘negative
information’ means information concerning a customer’s
delinquencies, late payments, insolvency, or
any form of default.
‘‘(ii) CUSTOMER; FINANCIAL INSTITUTION.—The
terms ‘customer’ and ‘financial institution’ have the
same meanings as in section 509 Public Law 106–
102.’’.
(b) MODEL DISCLOSURE FORM.—Before the end of the 6-month
period beginning on the date of enactment of this Act, the Board
shall adopt the model disclosure required under the amendment
Deadline.
Federal Register,
publication.
15 USC 1681s–2
note.
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117 STAT. 1988 PUBLIC LAW 108–159—DEC. 4, 2003
made by subsection (a) after notice duly given in the Federal Register
and an opportunity for public comment in accordance with
section 553 of title 5, United States Code.