U.S. Congress - S.3987 Red Flag Program Clarification Act of 2010
S.3987 - Red Flag Program Clarification Act of 2010
A bill to amend the Fair Credit Reporting Act with respect to the applicability of identity theft guidelines to creditors. view all titles (5)
All Bill Titles
- Short: Red Flag Program Clarification Act of 2010 as introduced.
- Short: Red Flag Program Clarification Act of 2010 as passed senate.
- Official: A bill to amend the Fair Credit Reporting Act with respect to the applicability of identity theft guidelines to creditors. as introduced.
- Short: Red Flag Program Clarification Act of 2010 as passed house.
- Short: Red Flag Program Clarification Act of 2010 as enacted.
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Official Summary
12/7/2010--Passed House without amendment. (This measure has not been amended since it was introduced. The summary of that version is repeated here.) Red Flag Program Clarification Act of 2010 - Amends the Fair Credit Reporting Act, with respect to federal agency (red flag) guidelines regaOfficial Summary
12/7/2010--Passed House without amendment. (This measure has not been amended since it was introduced. The summary of that version is repeated here.) Red Flag Program Clarification Act of 2010 - Amends the Fair Credit Reporting Act, with respect to federal agency (red flag) guidelines regarding identity theft and the users of consumer reports, to define creditor to mean one that regularly and in the ordinary course of business:(1) obtains or uses consumer reports, directly or indirectly, in connection with a credit transaction;
(2) furnishes information to certain consumer reporting agencies in connection with a credit transaction; or
(3) advances funds to or on behalf of a person, based on the person's obligation to repay the funds or on repayment from specific property pledged by or on the person's behalf. Includes in the definition any other type of creditor as the federal agency (banking agency, National Credit Union Administration, or the Federal Trade Commission [FTC]) having authority over that creditor may determine appropriate, if the creditor offers or maintains accounts subject to a reasonably foreseeable risk of identity theft. Excludes from the definition of creditor, however, any creditor that advances funds on behalf of a person for expenses incidental to a service the creditor provides to that person.
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