Bill Text: NJ A4650 | 2020-2021 | Regular Session | Introduced
Bill Title: Requires reporting agencies to report to Division of Consumer Affairs number of free consumer reports furnished to New Jersey resident consumers annually.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-09-14 - Introduced, Referred to Assembly Consumer Affairs Committee [A4650 Detail]
Download: New_Jersey-2020-A4650-Introduced.html
Sponsored by:
Assemblywoman YVONNE LOPEZ
District 19 (Middlesex)
SYNOPSIS
Requires reporting agencies to report to Division of Consumer Affairs number of free consumer reports furnished to New Jersey resident consumers annually.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning consumer reports and supplementing P.L.1997, c.172 (C.56:11-28 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. Every reporting agency that compiles and maintains files on consumers on a nationwide basis shall annually report to the Division of Consumer Affairs, by March 1st of each year, the number of free consumer reports it has furnished to New Jersey resident consumers in the preceding calendar year. The report shall include the number of New Jersey resident consumers who were furnished one free consumer report and the number of New Jersey resident consumers who were furnished two free consumer reports in the preceding year.
b. As used in this section, "reporting agency that compiles and maintains files on consumers on a nationwide basis" means a consumer reporting agency that regularly engages in the practice of assembling or evaluating, and maintaining, for the purpose of furnishing consumer reports to third parties bearing on a consumer's credit worthiness, credit standing, or credit capacity, each of the following regarding consumers residing nationwide:
(1) Public record information; and
(2) Credit account information from persons who furnish that information regularly and in the ordinary course of business.
c. Any reporting agency that compiles and maintains files on consumers on a nationwide basis that fails to comply with subsection a. of this section shall be liable to a penalty of $10,000.
2. This act shall take effect immediately.
STATEMENT
This bill requires every reporting agency that compiles and maintains files on consumers on a nationwide basis to report to the Division of Consumer Affairs, by March 1st of each year, the number of free consumer reports it has furnished to New Jersey resident consumers in the preceding calendar year. The report shall include information regarding the number of consumers who were furnished one report and the number of consumers who were furnished two reports in the preceding year. Any reporting agency that compiles and maintains files on consumers on a nationwide basis that fails to provide the report to the Division of Consumer Affairs would be liable to a penalty of $10,000.
The bill defines a "reporting agency that compiles and maintains files on consumers on a nationwide basis" as a consumer reporting agency that regularly engages in the practice of assembling or evaluating, and maintaining, for the purpose of furnishing consumer reports to third parties bearing on a consumer's credit worthiness, credit standing, or credit capacity, each of the following regarding consumers residing nationwide: public record information; and credit account information from persons who furnish that information regularly and in the ordinary course of business.
