Text: HF128            Text: HF130
Complete Bill History


House File 129

HOUSE FILE BY JACOBS Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act requiring a credit reporting agency to provide a credit 2 report to a consumer each year without charge. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 1958HH 80 5 av/cf/24 PAG LIN 1 1 Section 1. NEW SECTION. 537.3213 DISCLOSURE OF CREDIT 1 2 REPORT. 1 3 1. A credit reporting agency shall, upon written or verbal 1 4 request by and proper identification of a consumer, clearly, 1 5 accurately, and in a manner that is understandable to the 1 6 consumer, provide a credit report to the consumer disclosing, 1 7 in writing, all information in the agency's files pertaining 1 8 to the consumer at the time of the request, including but not 1 9 limited to all of the following: 1 10 a. The names of all persons requesting credit information 1 11 pertaining to the consumer during the prior twelve=month 1 12 period and the date of each request. 1 13 b. A set of instructions, presented in a manner that is 1 14 understandable to the consumer, describing how information is 1 15 presented on the agency's written disclosure of the file. 1 16 c. A toll=free telephone number for use in contacting the 1 17 credit reporting agency if the consumer has questions or 1 18 disputes information contained in the credit report. 1 19 2. A credit reporting agency shall, upon request of a 1 20 consumer, provide the consumer with one disclosure copy of the 1 21 consumer's credit report each calendar year at no charge. If 1 22 the consumer requests more than one copy of the consumer's 1 23 file per year pursuant to this section, the credit reporting 1 24 agency may charge the consumer up to eight dollars for each 1 25 additional disclosure copy of the consumer's credit report. 1 26 3. For purposes of this section: 1 27 a. "Consumer" means a person residing in the state of 1 28 Iowa. 1 29 b. "Credit report" means a written, oral, or other 1 30 communication or information held by a credit reporting agency 1 31 relating to a consumer's creditworthiness, credit standing, 1 32 credit capacity, debts, character, general reputation, 1 33 personal characteristics, or mode of living, which is used or 1 34 expected to be used or collected, in whole or in part, as a 1 35 factor to establish a consumer's eligibility for credit or 2 1 insurance to be used for personal, family, or household 2 2 purposes, employment purposes, or any other purpose authorized 2 3 pursuant to applicable provisions of the federal Fair Credit 2 4 Reporting Act, 15 U.S.C. }} 1681a and 1681b. 2 5 "Credit report" does not include a report containing 2 6 information solely relating to a transaction between the 2 7 consumer and the person making the report, an authorization or 2 8 approval of a specific extension of credit directly or 2 9 indirectly by the issuer of a credit card or similar device, 2 10 or a report in which a person who has been requested by a 2 11 third party to make a specific extension of credit directly or 2 12 indirectly to a consumer conveys a decision with respect to 2 13 the request, if the third party advises the consumer of the 2 14 name and address of the person to whom the request was made 2 15 and the person makes the disclosures that must be made to the 2 16 consumer pursuant to the provisions of the federal Fair Credit 2 17 Reporting Act, 15 U.S.C. } 1681m, in the event of adverse 2 18 action. 2 19 c. "Credit reporting agency" means a person that, for 2 20 monetary fees, dues, or on a cooperative nonprofit basis, 2 21 regularly engages in whole or in part in the practice of 2 22 assembling or evaluating consumer credit information or other 2 23 information regarding consumers for the purpose of furnishing 2 24 credit reports to third parties. "Credit reporting agency" 2 25 shall not include a business entity that provides only check 2 26 verification or check guarantee services. 2 27 EXPLANATION 2 28 This bill creates a new Code section in the Iowa consumer 2 29 credit code that requires credit reporting agencies to provide 2 30 a consumer with one copy of the consumer's credit report per 2 31 year at no cost to the consumer upon the written or verbal 2 32 request and proper identification of the consumer. 2 33 For the purposes of the bill, "consumer" is defined as a 2 34 person residing in Iowa and "credit report" is defined as a 2 35 written, oral, or other communication or information held by a 3 1 credit reporting agency relating to a consumer's 3 2 creditworthiness, credit standing, credit capacity, debts, 3 3 character, general reputation, personal characteristics, or 3 4 mode of living that is used or collected as a factor to 3 5 establish a consumer's eligibility for credit or insurance to 3 6 be used for personal, family, or household purposes, 3 7 employment purposes, or any other purpose authorized by the 3 8 federal Fair Credit Reporting Act. For the purposes of the 3 9 bill, a "credit reporting agency" is a person that for 3 10 monetary fees, dues, or on a cooperative nonprofit basis 3 11 regularly engages in assembling or evaluating consumer credit 3 12 information or other information for the purpose of furnishing 3 13 credit reports to third parties. 3 14 LSB 1958HH 80 3 15 av/cf/24
Text: HF128            Text: HF130 Complete Bill History