Page:United States Statutes at Large Volume 117.djvu/1998

 PUBLIC LAW 108–159—DEC. 4, 2003

117 STAT. 1979

‘‘(A) include the address and toll-free telephone number of the appropriate notification system established under section 604(e); and ‘‘(B) be presented in such format and in such type size and manner as to be simple and easy to understand, as established by the Commission, by rule, in consultation with the Federal banking agencies and the National Credit Union Administration.’’. (b) RULEMAKING SCHEDULE.—Regulations required by section 615(d)(2) of the Fair Credit Reporting Act, as amended by this section, shall be issued in final form not later than 1 year after the date of enactment of this Act. (c) DURATION OF ELECTIONS.—Section 604(e) of the Fair Credit Reporting Act (15 U.S.C. 1681b(e)) is amended in each of paragraphs (3)(A) and (4)(B)(i)), by striking ‘‘2-year period’’ each place that term appears and inserting ‘‘5-year period’’. (d) PUBLIC AWARENESS CAMPAIGN.—The Commission shall actively publicize and conspicuously post on its website any address and the toll-free telephone number established as part of a notification system for opting out of prescreening under section 604(e) of the Fair Credit Reporting Act (15 U.S.C. 1681b(e)), and otherwise take measures to increase public awareness regarding the availability of the right to opt out of prescreening. (e) ANALYSIS OF FURTHER RESTRICTIONS ON OFFERS OF CREDIT OR INSURANCE.— (1) IN GENERAL.—The Board shall conduct a study of— (A) the ability of consumers to avoid receiving written offers of credit or insurance in connection with transactions not initiated by the consumer; and (B) the potential impact that any further restrictions on providing consumers with such written offers of credit or insurance would have on consumers. (2) REPORT.—The Board shall submit a report summarizing the results of the study required under paragraph (1) to the Congress not later than 12 months after the date of enactment of this Act, together with such recommendations for legislative or administrative action as the Board may determine to be appropriate. (3) CONTENT OF REPORT.—The report described in paragraph (2) shall address the following issues: (A) The current statutory or voluntary mechanisms that are available to a consumer to notify lenders and insurance providers that the consumer does not wish to receive written offers of credit or insurance. (B) The extent to which consumers are currently utilizing existing statutory and voluntary mechanisms to avoid receiving offers of credit or insurance. (C) The benefits provided to consumers as a result of receiving written offers of credit or insurance. (D) Whether consumers incur significant costs or are otherwise adversely affected by the receipt of written offers of credit or insurance. (E) Whether further restricting the ability of lenders and insurers to provide written offers of credit or insurance to consumers would affect— (i) the cost consumers pay to obtain credit or insurance;

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Deadline. 15 USC 1681m note.

Internet. 15 USC 1681b note.

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