Synopsis As Introduced Amends the Consumer Fraud and Deceptive Business Practices Act. Provides that any person who uses a consumer credit report in connection with the approval of credit based on the application for an extension of credit, and who has received notification of a police report filed with a consumer credit reporting agency that the applicant has been a victim of aggravated identity theft, may not lend money or extend credit without taking reasonable steps to verify the consumer's identity and confirm that the application for an extension of credit is not the result of financial identity theft or aggravated identity theft. Adds that a consumer may place a security freeze on his or her credit report by making a request directly to the consumer credit reporting agency through a secure electronic mail connection, if an electronic mail connection is provided by the consumer credit reporting agency. Provides that a consumer credit reporting agency shall not charge a fee for placing, removing, or removing for a specific party or period of time a security freeze on a credit report, if the consumer submits to the credit reporting agency a valid copy of a police report, investigative report, or complaint that the consumer has filed with a law enforcement agency about the unlawful use of his or her personal information by another person. Allows the credit reporting agency to charge a fee of not more than $10 to a consumer for each security freeze or temporary lift of a security freeze for a specific party and a fee of not more than $8 for removal of a security freeze or temporary lift of a security freeze for a period of time. Provides that the consumer credit reporting agency shall send a written confirmation of the security freeze to the consumer within 5 (instead of 10) business days of placing the freeze on the account. Requires the Director of the Division of Financial Institutions in the Department of Financial and Professional Regulation to promulgate rules necessary to allow the use of electronic media to receive and process a request from a consumer to temporarily lift a security freeze as quickly as possible, with the goal of processing a request within 15 minutes of that request. Defines "consumer", "consumer credit reporting agency", "credit report", "Director", and "security freeze". Changes references from "credit reporting agency" to "consumer credit reporting agency". Effective January 1, 2007.
Senate Committee Amendment No. 2 Replaces everything after the enacting clause. Amends the Consumer Fraud and Deceptive Business Practices Act. Makes a technical change to the Section concerning the verification of accuracy of credit reporting information used to extend credit and security freezes on credit reports for identity theft victims.
Senate Floor Amendment No. 3 Replaces everything after the enacting clause. Amends the Consumer Fraud and Deceptive Business Practices Act. Provides that a consumer (instead of a consumer who has been the victim of identity theft) may request that a security freeze be placed on his or her credit report by sending a request in writing by certified mail to a consumer reporting agency at an address designated by the consumer reporting agency to receive such requests. Authorizes a consumer credit reporting agency to charge a fee for placing a security freeze on a consumer's credit report of no more than $10 for each freeze, removal, or temporary lift of the freeze, except that a consumer reporting agency may not charge a fee to (i) a consumer 65 years of age or over for placement and removal of a freeze and (ii) may not charge a victim of identity theft who has complied with the listed requirements. Sets out what information must be provided for a contact method by a consumer reporting agency. Provides that the listed consumer credit reporting requirements do not apply to any person using the information in connection with the underwriting of insurance. Defines "credit report", "consumer reporting agency", and "security freeze". Makes other changes.