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Text of the Fair Credit Reporting Act (15 U.S.C. 1681 et seq.)
On September 10, 2003, the U.S. House of Representatives approved H.R. 2622, the Fair and Accurate Credit Transactions Act of 2003, by a vote of 392-30.
If enacted into law in its current form, H.R. 2622 would make permanent the federal pre-emption provisions contained in the Fair Credit Reporting Act (FCRA). The pre-emption provisions currently prohibit states from enacting certain laws regulating the use of consumer credit data. Under current law, this federal pre-emption will expire on January 1, 2004. Under existing law, states are allowed the option of enacting laws to regulate the use of consumer credit data in insurance underwriting and rating decisions.
The U.S. Senate is currently drafting its own version of the legislation. The Senate Banking Committee has indicated that it will take up this legislation later in September, 2003 |