Text: H.R.1751 — 102nd Congress (1991-1992)All Information (Except Text)

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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.