Bill 3520

                    Current Status

Introducing Body:               House
Bill Number:                    3520
Primary Sponsor:                Whipper
Committee Number:               02
Type of Legislation:            GB
Subject:                        Consumer credit reporting
                                agencies
Residing Body:                  Senate
Current Committee:              Banking and Insurance
Computer Document Number:       3520
Introduced Date:                Feb 14, 1991
Date of Last Amendment:         Apr 29, 1992
Last History Body:              Senate
Last History Date:              Apr 30, 1992
Last History Type:              Introduced, read first time,
                                referred to Committee
Scope of Legislation:           Statewide
All Sponsors:                   Whipper
                                Rogers
                                White
                                Hallman
                                Fulmer
                                Holt
                                J. Bailey
                                Beatty
                                McLeod
                                Haskins
                                Kempe
                                Rudnick
Type of Legislation:            General Bill

 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 3520  Senate  Apr 30, 1992  Introduced, read first time,    02
                             referred to Committee
 3520  House   Apr 30, 1992  Read third time, sent to
                             Senate
 3520  House   Apr 29, 1992  Amended, read second time
 3520  House   Apr 15, 1992  Committee Report: Favorable     26
                             with amendment
 3520  House   Feb 14, 1991  Introduced, read first time,    26
                             referred to Committee

AMENDED

April 29, 1992

H. 3520

Introduced by REPS. Whipper, Rogers, White, Hallman, Fulmer, Holt, J. Bailey, Beatty, McLeod, Haskins, Kempe and Rudnick

S. Printed 4/29/92--H.

Read the first time February 14, 1991.

A BILL

TO AMEND CHAPTER 1, TITLE 37, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO GENERAL PROVISIONS AND DEFINITIONS IN THE CONSUMER PROTECTION CODE, BY ADDING SECTION 37-1-401 SO AS TO REQUIRE A CONSUMER CREDIT REPORTING AGENCY TO ACCURATELY REPORT INFORMATION AND TO VERIFY AND UPDATE CONSUMER CREDIT INFORMATION WITHIN THIRTY DAYS OF RELEASING THE INFORMATION AND TO PROVIDE CIVIL LIABILITY FOR NONCOMPLIANCE.

Amend Title To Conform

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Chapter 1, Title 37 of the 1976 Code is amended by adding:

Section 37-1-401. (A) A consumer credit reporting agency which gathers, compiles, and disseminates information on consumers obtained from public records as defined in Section 30-4-20(c) in accordance with the Federal Consumer Credit Protection Act must verify and update all such information contained in the report before its release.

(B) A consumer credit reporting agency which inaccurately reports information obtained from public records because of its failure to verify and update the information before releasing a report is liable to the consumer:

(1) in the case of wilful noncompliance, for actual and punitive damages and attorney's fees;

(2) in the case of negligent noncompliance, for actual damages and attorney's fees."

SECTION 2. This act takes effect upon approval by the Governor.