SB850 HFA Hite 3-7 #1
CR 3338
Delegate Hite moved to amend the bill on page 6, after line 24, by inserting the following:
(a) For purposes of this article:
(1) "Consumer" means a natural person engaged in a consumer transaction.
(2) “Consumer financial information” means any personally identifiable financial information, unless the information is otherwise publicly available, and includes information that a credit report was obtained by a financial institution, creditor, mortgage lender, or mortgage broker.
(3) “Credit reporting agency” shall have the meaning assigned in 15 U. S. Code §1681a.
(4) "Consumer transaction" means any legal financial agreement for which a credit application is required for a personal, family, household, or agricultural purpose.
(b) A credit reporting agency which receives consumer financial information resulting from a consumer transaction with any financial institution or any creditor utilizing any credit reporting agency shall not disclose or sell such consumer financial information without the prior written consent of the consumer, except as required to process the consumer transaction.
(c) A consumer engaged in a consumer transaction with any financial institution, creditor utilizing any credit reporting agency, or private business, shall have the right to opt-in to each disclosure or sale of their personal financial information by the credit reporting agency. This includes information that a credit report was obtained by, but not limited to, the following:
(1) Financial institutions;
(2) Creditors;
(3) Mortgage lenders; or
(4) Mortgage brokers.
(d) The credit reporting agency shall provide the consumer with all information to determine what personal information is being sold or shared.
(e) Financial institutions, creditors, mortgage lenders, or mortgage brokers shall not be subject to any action authorized by this article for sharing consumer information with a credit reporting agency.
The Attorney General may enforce the provisions of this article and may bring an action seeking either:
(1) Injunctive or other appropriate equitable relief;
(2) Civil penalties of no more than $10,000 for each violation of this article and all costs and attorney’s fees associated with bringing the action; or
(3) Both the equitable relief and civil penalties described in subdivisions (1) and (2) of this subsection, including costs and attorney’s fees. This action must be brought in the name of the state and instituted in the circuit court of Kanawha County. The Attorney General may negotiate a settlement with any alleged violator in the course of his or her enforcement of this article.
(a) A consumer may bring a civil action for damages against any credit reporting agency that violates the provisions of this article. For each violation, the individual may recover:
(1) Against credit reporting agency who negligently or recklessly violates this article, liquidated damages of $1,000 for each violation or actual damages, whichever is greater; or
(2) Against credit reporting agency who intentionally violates this article, liquidated damages of $5,000 for each violation or actual damages, whichever is greater.
(b) If a court finds that a violation of this article has occurred as the result of a civil action filed pursuant to subsection (a) of this section, the court shall award reasonable attorney’s fees to the aggrieved party. A court may order such other relief, including an injunction, as the court may consider appropriate.
(c) Any action under this article is barred unless the action is commenced within two years after the aggrieved party either knew or, through reasonable diligence, should have known of the violation.
Adopted
Rejected