SB850 HFA Hite 3-7 #2
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” means a “consumer reporting agency that compiles and maintains files on consumers on a nationwide basis,” as that term is defined in 15 U.S.C. §1681a.
(4) "Consumer transaction" means any legal financial agreement for which a credit application is required for a personal, family, household, or agricultural purpose.
(5) “Private business” does not include a “public utility,” as that term is defined in §24-1-2 of this code.
(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 sell such consumer financial information without the prior written consent of the consumer.
(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 sale of his or her personal financial information by the credit reporting agency. This includes information that a credit report was obtained by any of 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 necessary to determine what personal information is being sold.
(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 consumer 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, 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.
(d) 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.
Adopted
Rejected