New Jersey S 1305: Requires reporting agencies to report to Division of Consumer Affairs number of free consumer reports furnished to New Jersey resident consumers annually.

Bill Text

SENATE, No. 1305

STATE OF NEW JERSEY
221st LEGISLATURE

PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION

Sponsored by:
Senator NELLIE POU
District 35 (Bergen and Passaic)

SYNOPSIS
Requires reporting agencies to report to Division of Consumer Affairs
number of free consumer reports furnished to New Jersey resident consumers
annually.

CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.

S1305 POU
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AN ACT concerning consumer reports and supplementing P.L.1997, 1
c.172 (C.56:11-28 et seq.). 2
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BE IT ENACTED by the Senate and General Assembly of the State 4
of New Jersey: 5
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1. a. Every reporting agency that compiles and maintains files 7
on consumers on a nationwide basis shall annually report to the 8
Division of Consumer Affairs, by March 1st of each year, the 9
number of free consumer reports it has furnished to New Jersey 10
resident consumers in the preceding calendar year. The report shall 11
include the number of New Jersey resident consumers who were 12
furnished one free consumer report and the number of New Jersey 13
resident consumers who were furnished two free consumer reports 14
in the preceding year. 15
b. As used in this section, “reporting agency that compiles and 16
maintains files on consumers on a nationwide basis” means a 17
consumer reporting agency that regularly engages in the practice of 18
assembling or evaluating, and maintaining, for the purpose of 19
furnishing consumer reports to third parties bearing on a 20
consumer’s credit worthiness, credit standing, or credit capacity, 21
each of the following regarding consumers residing nationwide: 22
(1) Public record information; and 23
(2) Credit account information from persons who furnish that 24
information regularly and in the ordinary course of business. 25
c. Any reporting agency that compiles and maintains files on 26
consumers on a nationwide basis that fails to comply with 27
subsection a. of this section shall be liable to a penalty of $10,000. 28
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2. This act shall take effect immediately. 30
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STATEMENT 33
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This bill requires every reporting agency that compiles and 35
maintains files on consumers on a nationwide basis to report to the 36
Division of Consumer Affairs, by March 1st of each year, the 37
number of free consumer reports it has furnished to New Jersey 38
resident consumers in the preceding calendar year. The report shall 39
include information regarding the number of consumers who were 40
furnished one report and the number of consumers who were 41
furnished two reports in the preceding year. Any reporting agency 42
that compiles and maintains files on consumers on a nationwide 43
basis that fails to provide the report to the Division of Consumer 44
Affairs would be liable to a penalty of $10,000. 45
The bill defines a “reporting agency that compiles and maintains 46
files on consumers on a nationwide basis” as a consumer reporting 47
agency that regularly engages in the practice of assembling or 48

S1305 POU
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evaluating, and maintaining, for the purpose of furnishing consumer 1
reports to third parties bearing on a consumer’s credit worthiness, 2
credit standing, or credit capacity, each of the following regarding 3
consumers residing nationwide: public record information; and 4
credit account information from persons who furnish that 5
information regularly and in the ordinary course of business. 6