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

Summary

A Senate Commerce Committee statement to the Senate on Senate Bill No. 1757, State of New Jersey, dated June 9, 2022, reporting 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 show how many consumers received one report and how many received two. An agency that fails to report would be liable to a penalty of $10,000.

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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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