H.R.1751 - Fair Credit Reporting Amendments of 1991102nd Congress (1991-1992)
|Sponsor:||Rep. Shaw, E. Clay, Jr. [R-FL-15] (Introduced 04/11/1991)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||House - 06/06/1991 Subcommittee Hearings Held. (All Actions)|
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Text: H.R.1751 — 102nd Congress (1991-1992)All Information (Except Text)
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Introduced in House
HR 1751 IH 102d CONGRESS 1st Session H.R. 1751 To amend the Fair Credit Reporting Act to require prompt disclosure by any consumer reporting agency to any consumer of adverse information relating to such consumer which is received by such agency. IN THE HOUSE OF REPRESENTATIVES April 11, 1991 Mr. SHAW (for himself, Mr. EVANS, Mr. DYMALLY, Mr. NEAL of Massachusetts, Mr. SERRANO, Mr. INHOFE, Mr. KOLBE, Mr. CHANDLER, Mr. HYDE, and Mr. BILIRAKIS) introduced the following bill; which was referred to the Committee on Banking, Finance and Urban Affairs A BILL To amend the Fair Credit Reporting Act to require prompt disclosure by any consumer reporting agency to any consumer of adverse information relating to such consumer which is received by such agency. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the `Fair Credit Reporting Amendments of 1991'. SEC. 2. DISCLOSURE TO CONSUMERS OF ADVERSE INFORMATION REQUIRED. (a) IN GENERAL- Section 609 of the Fair Credit Reporting Act (15 U.S.C. 1681g) is amended by adding at the end thereof the following new subsection: `(c) PROMPT DISCLOSURE OF ADVERSE INFORMATION- `(1) DISCLOSURE REQUIRED- Every consumer credit reporting agency shall accurately and fully disclose to any consumer any adverse information received by such agency relating to such consumer and the source of such information before the end of the 30-day period beginning on the day such information is received by such agency. `(2) ADVERSE INFORMATION DEFINED BY BOARD- The Board of Governors of the Federal Reserve System shall prescribe regulations defining the term `adverse information' for purposes of this subsection.'. (b) TECHNICAL AND CONFORMING AMENDMENTS- (1) Section 610 of the Fair Credit Reporting Act (15 U.S.C. 1681h) is amended-- (A) in subsections (a) and (b), by striking out `section 609' where such term appears in each such subsection and inserting in lieu thereof `section 609(a)'; and (B) by adding at the end thereof the following new subsection: `(f) DISCLOSURE OF ADVERSE INFORMATION- Disclosures required under section 609(c) shall be made in writing and mailed to the consumer after the credit reporting agency has verified the address of the consumer.'. (2) Section 612 of the Fair Credit Reporting Act (15 U.S.C. 1681j) is amended-- (A) by striking out `A consumer reporting agency' and inserting in lieu thereof `(a) IN GENERAL- Except as provided in subsection (b), a consumer reporting agency'; and (B) by adding at the end thereof the following new subsection: `(b) CHARGE PROHIBITED FOR SECTION 609(c) DISCLOSURES- A consumer reporting agency shall make the disclosures required by section 609(c) without charge to the consumer.'. (c) EFFECTIVE DATE- The amendments made by this section shall apply to adverse information received by consumer reporting agencies after the date of the enactment of this Act.