S 3987 RFH

To amend the Fair Credit Reporting Act with respect to the applicability of identity theft guidelines to creditors.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.CommentsClose CommentsPermalink

This Act may be cited as the ‘Red Flag Program Clarification Act of 2010’.CommentsClose CommentsPermalink

(a) Amendment to FCRA- Section 615(e) of the Fair Credit Reporting Act (15 U.S.C. 1681m(e)) is amended by adding at the end the following:CommentsClose CommentsPermalink





‘(4) DEFINITIONS- As used in this subsection, the term ‘creditor’--CommentsClose CommentsPermalink





‘(A) means a creditor, as defined in section 702 of the Equal Credit Opportunity Act (15 U.S.C. 1691a), that regularly and in the ordinary course of business--CommentsClose CommentsPermalink





‘(i) obtains or uses consumer reports, directly or indirectly, in connection with a credit transaction;CommentsClose CommentsPermalink





‘(ii) furnishes information to consumer reporting agencies, as described in section 623, in connection with a credit transaction; orCommentsClose CommentsPermalink





‘(iii) advances funds to or on behalf of a person, based on an obligation of the person to repay the funds or repayable from specific property pledged by or on behalf of the person;CommentsClose CommentsPermalink





‘(B) does not include a creditor described in subparagraph (A)(iii) that advances funds on behalf of a person for expenses incidental to a service provided by the creditor to that person; andCommentsClose CommentsPermalink





‘(C) includes any other type of creditor, as defined in that section 702, as the agency described in paragraph (1) having authority over that creditor may determine appropriate by rule promulgated by that agency, based on a determination that such creditor offers or maintains accounts that are subject to a reasonably foreseeable risk of identity theft.’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall become effective on the date of enactment of this Act.CommentsClose CommentsPermalink

Passed the Senate November 30, 2010.

Attest:

NANCY ERICKSON,

President of the Senate.CommentsClose CommentsPermalink