|
|
|
93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004 HB4952
Introduced 02/05/04, by Annazette Collins SYNOPSIS AS INTRODUCED: |
|
New Act |
|
220 ILCS 5/4-201.5 new |
|
|
Creates the Illinois Fair Credit Reporting Act and amends the Public
Utilities Act.
Directs the Illinois Commerce
Commission to regulate the business of credit reporting agencies.
Directs the Commission to investigate complaints against credit reporting
agencies and to host public hearings. Provides for a civil penalty of up to
$1,000 for a credit reporting agency's willful or negligent failure to resolve
a consumer's complaint in a timely manner. Imposes certain requirements on
credit
reporting agencies. Prohibits credit reporting agencies from making credit
reports containing information reported by specified utilities. Provides that
the federal Fair Credit Reporting Act
governs matters not addressed by the Illinois Act.
|
| |
|
|
A BILL FOR
|
|
|
|
|
HB4952 |
|
LRB093 18782 LCB 44515 b |
|
|
1 |
| AN ACT concerning credit reports.
|
2 |
| Be it enacted by the People of the State of Illinois, |
3 |
| represented in the General Assembly:
|
4 |
| Section 1. Short title. This Act may be cited as the |
5 |
| Illinois Fair Credit
Reporting Act.
|
6 |
| Section 5. Findings. The General Assembly finds that the |
7 |
| welfare and
prosperity
of all
Illinois citizens require the |
8 |
| adequate and efficient
provision of accurate and reliable |
9 |
| information
regarding Illinois consumers' credit history.
|
10 |
| Section 10. Definitions. In this Act:
|
11 |
| "Consumer" means an individual.
|
12 |
| "Credit report" means
a consumer report as defined in the |
13 |
| federal Fair Credit Reporting Act.
|
14 |
| "Credit reporting agency" means
a consumer reporting |
15 |
| agency as defined in the federal Fair Credit Reporting
Act.
|
16 |
| "Commission" means the Illinois Commerce Commission.
|
17 |
| Section 15. Commission; regulation of credit reporting |
18 |
| agencies.
|
19 |
| (a) The Commission shall regulate the business of credit |
20 |
| reporting agencies
in this State. The Commission's duties |
21 |
| include, but are not limited to:
|
22 |
| (1) investigating complaints against credit reporting |
23 |
| agencies; and
|
24 |
| (2) hosting quarterly public hearings with credit |
25 |
| reporting agencies
regarding
service to the community.
|
26 |
| (b) If a complaint by a consumer regarding the accuracy of |
27 |
| his or her credit
report
is not resolved by the credit |
28 |
| reporting agency in a timely manner, and if the
Commission |
29 |
| finds that the agency willfully or negligently failed to |
30 |
| resolve the
complaint in a timely
manner, the Commission
may |