Senate File 192

                                   SENATE FILE       
                                   BY  WARNSTADT, STEWART, COURTNEY,
                                       BOLKCOM, QUIRMBACH, BEALL,
                                       DVORSKY, KIBBIE, CONNOLLY,
                                       GRONSTAL, BLACK, RAGAN, HOLVECK,
                                       DOTZLER, SENG, DEARDEN, HORN,
                                       KREIMAN, HATCH, FRAISE, and McCOY


    Passed Senate, Date               Passed House,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act providing for free annual consumer access to consumer
  2    credit reports, and providing a private right of action.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 1688XS 80
  5 jj/sh/8

PAG LIN

  1  1    Section 1.  NEW SECTION.  546A.1  PROVISION OF CONSUMER
  1  2 REPORTS.
  1  3    1.  For purposes of this section, unless the context
  1  4 otherwise requires:
  1  5    a.  "Consumer" means an individual who obtains or has
  1  6 obtained a financial product or service from a financial
  1  7 institution that is to be used primarily for personal, family,
  1  8 or household purposes, or that individual's legal
  1  9 representative.
  1 10    b.  "Consumer report" means any written or other form of
  1 11 communication of any information by a consumer reporting
  1 12 agency bearing on a consumer's creditworthiness, credit
  1 13 standing, or credit capacity which is used or intended to be
  1 14 used or collected, in whole or in part, for the purpose of
  1 15 serving as a factor in establishing the consumer's eligibility
  1 16 for either of the following:
  1 17    (1)  Credit or insurance to be used primarily for personal,
  1 18 family, or household purposes.
  1 19    (2)  Employment, promotion, reassignment, or retention as
  1 20 an employee.
  1 21    c.  "Consumer reporting agency" means any person that, for
  1 22 monetary fees, dues, or on a cooperative nonprofit basis,
  1 23 regularly engages, in whole or in part, in the practice of
  1 24 assembling or evaluating consumer credit information or other
  1 25 information pertaining to consumers for the purpose of
  1 26 furnishing consumer reports to third parties.
  1 27    2.  a.  A consumer reporting agency that compiles and
  1 28 maintains files on consumers on a nationwide basis shall
  1 29 furnish to any consumer who has provided appropriate
  1 30 verification of the consumer's identity one complete consumer
  1 31 report per calendar year, upon the written request of the
  1 32 consumer and without charge to the consumer.
  1 33    b.  The report required under this section must be
  1 34 furnished by the consumer reporting agency to a requesting
  1 35 consumer within ten calendar days of the consumer reporting
  2  1 agency's receipt of the consumer's request.
  2  2    3.  A consumer who requests and is not provided a consumer
  2  3 report pursuant to this section shall have a cause of action
  2  4 against the consumer reporting agency that fails to furnish
  2  5 the requested report within ten calendar days of the request
  2  6 to obtain both of the following:
  2  7    a.  The greater of actual monetary damages or two hundred
  2  8 fifty dollars.
  2  9    b.  Reasonable attorney fees and court costs.
  2 10                           EXPLANATION
  2 11    This bill provides that a consumer reporting agency shall
  2 12 provide a consumer with one free copy of the consumer's credit
  2 13 report annually, upon the consumer's written request, within
  2 14 10 days of receipt of the request.  If the consumer reporting
  2 15 agency fails to provide the requested copy, the consumer may
  2 16 bring an action for the greater of actual damages or $250, as
  2 17 well as attorney fees and court costs.
  2 18    The bill also defines "consumer", "consumer report", and
  2 19 "consumer reporting agency".
  2 20 LSB 1688XS 80
  2 21 jj/sh/8