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Senate Commerce Committee Statement to Senate, No. 1757 (State of New Jersey, June 9, 2022)

Summary

This is a Senate Commerce Committee statement to the New Jersey Senate on Senate Bill No. 1757, dated June 9, 2022. The committee reports the bill favorably. The bill requires every reporting agency that compiles and maintains files on consumers on a nationwide basis to report to the Division of Consumer Affairs, by March 1st of each year, the number of free consumer reports it furnished to New Jersey resident consumers in the preceding calendar year. The report must separate consumers who were furnished one report from those furnished two reports. An agency that fails to provide the report is liable to a penalty of $10,000. The statement also defines the covered agencies by reference to public record information and credit account information on consumers nationwide.

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“Senate Commerce Committee Statement to Senate, No. 1757 (State of New Jersey, June 9, 2022).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-06-09-scm-s1757-s1-aafd9bdf5a/, SHA-256 66fc52ffd86edb8dfe3b5f3ca1f4ad1f331c7e26a965e0ebdb88adcb33a902c8.

Full text

     SENATE COMMERCE COMMITTEE

                   STATEMENT TO

                 SENATE, No. 1757

 STATE OF NEW JERSEY
                      DATED: JUNE 9, 2022

    The Senate Commerce Committee reports favorably Senate Bill
No. 1757.
    This bill requires every reporting agency that compiles and
maintains files on consumers on a nationwide basis to report to the
Division of Consumer Affairs, by March 1st of each year, the
number of free consumer reports it has furnished to New Jersey
resident consumers in the preceding calendar year. The report shall
include information regarding the number of consumers who were
furnished one report and the number of consumers who were
furnished two reports in the preceding year. Any reporting agency
that compiles and maintains files on consumers on a nationwide
basis that fails to provide the report to the Division of Consumer
Affairs would be liable to a penalty of $10,000.
    The bill defines a “reporting agency that compiles and maintains
files on consumers on a nationwide basis” as a consumer reporting
agency that regularly engages in the practice of assembling or
evaluating, and maintaining, for the purpose of furnishing consumer
reports to third parties bearing on a consumer’s credit worthiness,
credit standing, or credit capacity, each of the following regarding
consumers residing nationwide: public record information; and
credit account information from persons who furnish that
information regularly and in the ordinary course of business.

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