See below for Senate Bill that, with previous House Bill: "uses more general
terms to more narrowly define the term "creditor" so that, in effect, far
fewer organizations must comply with the Red Flags Rule...." 

 

 <http://www.bankinfosecurity.com/articles.php?art_id=3141>
http://www.bankinfosecurity.com/articles.php?art_id=3141

 

S 3987 ES
111th CONGRESS
2d Session
S. 3987
________________________________

AN ACT
To amend the Fair Credit Reporting Act with respect to the applicability of 
identity theft guidelines to creditors.
Be it enacted by the Senate and House of Representatives of the United
States of 
America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Red Flag Program Clarification Act of 2010'.
SEC. 2. SCOPE OF CERTAIN CREDITOR REQUIREMENTS.
(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:
`(4) DEFINITIONS- As used in this subsection, the term `creditor'--
`(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--
`(i) obtains or uses consumer reports, directly or indirectly, in connection

with a credit transaction;
`(ii) furnishes information to consumer reporting agencies, as described in 
section 623, in connection with a credit transaction; or
`(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;
`(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; and
`(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.'.
(b) Effective Date- The amendment made by this section shall become
effective on 
the date of enactment of this Act.
Passed the Senate November 30, 2010.
Attest:
Secretary.
111th CONGRESS
2d Session
S. 3987
AN ACT
To amend the Fair Credit Reporting Act with respect to the applicability of 
identity theft guidelines to creditors.
END

 

 


To unsubscribe or search other topics on UVM Flownet link to:
http://list.uvm.edu/archives/uvmflownet.html