Senate File 209 - Introduced SENATE FILE BY McCOY Passed Senate, Date Passed House, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to consumer access to consumer credit reports, 2 and providing a private right of action. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 2946SS 81 5 rh/sh/8 PAG LIN 1 1 ARTICLE 9 1 2 CONSUMER CREDIT REPORTS 1 3 Section 1. NEW SECTION. 537.9101 PROVISION OF CONSUMER 1 4 CREDIT REPORTS. 1 5 1. For purposes of this section, unless the context 1 6 otherwise requires: 1 7 a. "Consumer" means an individual who obtains or has 1 8 obtained a financial product or service from a financial 1 9 institution that is to be used primarily for personal, family, 1 10 or household purposes, or that individual's legal 1 11 representative. 1 12 b. "Consumer report" means any written or other form of 1 13 communication of any information by a consumer reporting 1 14 agency bearing on a consumer's creditworthiness, credit 1 15 standing, or credit capacity which is used or intended to be 1 16 used or collected, in whole or in part, for the purpose of 1 17 serving as a factor in establishing the consumer's eligibility 1 18 for either of the following: 1 19 (1) Credit or insurance to be used primarily for personal, 1 20 family, or household purposes. 1 21 (2) Employment, promotion, reassignment, or retention as 1 22 an employee. 1 23 c. "Consumer reporting agency" means any person that, for 1 24 monetary fees, dues, or on a cooperative nonprofit basis, 1 25 regularly engages, in whole or in part, in the practice of 1 26 assembling or evaluating consumer credit information or other 1 27 information pertaining to consumers for the purpose of 1 28 furnishing consumer reports to third parties. 1 29 2. a. A consumer reporting agency that compiles and 1 30 maintains files on consumers on a nationwide basis shall 1 31 furnish to any consumer who has provided appropriate 1 32 verification of the consumer's identity one complete consumer 1 33 report per calendar year, upon the written request of the 1 34 consumer and without charge to the consumer. 1 35 b. The report required under this section must be 2 1 furnished by the consumer reporting agency to a requesting 2 2 consumer within ten calendar days of the consumer reporting 2 3 agency's receipt of the consumer's request. 2 4 3. A consumer who requests and is not provided a consumer 2 5 report pursuant to this section shall have a cause of action 2 6 against the consumer reporting agency that fails to furnish 2 7 the requested report within ten calendar days of the request 2 8 to obtain both of the following: 2 9 a. The greater of actual monetary damages or two hundred 2 10 fifty dollars. 2 11 b. Reasonable attorney fees and court costs. 2 12 EXPLANATION 2 13 This bill provides that a consumer reporting agency shall 2 14 provide a consumer with one free copy of the consumer's credit 2 15 report annually, upon the consumer's written request, within 2 16 10 days of receipt of the request. If the consumer reporting 2 17 agency fails to provide the requested copy, the consumer may 2 18 bring an action for the greater of actual damages or $250, as 2 19 well as attorney fees and court costs. 2 20 The bill also defines "consumer", "consumer report", and 2 21 "consumer reporting agency". 2 22 LSB 2946SS 81 2 23 rh:nh/sh/8