S.3987 - Red Flag Program Clarification Act of 2010111th Congress (2009-2010)
|Sponsor:||Sen. Thune, John [R-SD] (Introduced 11/30/2010)|
|Committees:||House - Financial Services|
|Latest Action:||12/18/2010 Became Public Law No: 111-319.|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Subject — Policy Area:
- Finance and Financial Sector
- View subjects
Summary: S.3987 — 111th Congress (2009-2010)All Bill Information (Except Text)
(This measure has not been amended since it was introduced. The summary of that version is repeated here.) Red Flag Program Clarification Act of 2010 - Amends the Fair Credit Reporting Act, with respect to federal agency (red flag) guidelines regarding identity theft and the users of consumer reports, to define creditor to mean one that regularly and in the ordinary course of business: (1) obtains or uses consumer reports, directly or indirectly, in connection with a credit transaction; (2) furnishes information to certain consumer reporting agencies in connection with a credit transaction; or (3) advances funds to or on behalf of a person, based on the person's obligation to repay the funds or on repayment from specific property pledged by or on the person's behalf.
Public Law (12/18/2010)
Includes in the definition any other type of creditor as the federal agency (banking agency, National Credit Union Administration, or the Federal Trade Commission [FTC]) having authority over that creditor may determine appropriate, if the creditor offers or maintains accounts subject to a reasonably foreseeable risk of identity theft.
Excludes from the definition of creditor, however, any creditor that advances funds on behalf of a person for expenses incidental to a service the creditor provides to that person.