Page:United States Statutes at Large Volume 117.djvu/1999

 117 STAT. 1980

PUBLIC LAW 108–159—DEC. 4, 2003 (ii) the availability of credit or insurance; (iii) consumers’ knowledge about new or alternative products and services; (iv) the ability of lenders or insurers to compete with one another; and (v) the ability to offer credit or insurance products to consumers who have been traditionally underserved.

SEC. 214. AFFILIATE SHARING.

(a) LIMITATION.—The Fair Credit Reporting Act (15 U.S.C. 1601 et seq.) is amended— (1) by redesignating sections 624 (15 U.S.C. 1681t), 625 (15 U.S.C. 1681u), and 626 (15 U.S.C. 6181v) as sections 625, 626, and 627, respectively; and (2) by inserting after section 623 the following: 15 USC 1681s–3.

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‘‘§ 624. Affiliate sharing ‘‘(a) SPECIAL RULE FOR SOLICITATION FOR PURPOSES OF MARKETING.— ‘‘(1) NOTICE.—Any person that receives from another person related to it by common ownership or affiliated by corporate control a communication of information that would be a consumer report, but for clauses (i), (ii), and (iii) of section 603(d)(2)(A), may not use the information to make a solicitation for marketing purposes to a consumer about its products or services, unless— ‘‘(A) it is clearly and conspicuously disclosed to the consumer that the information may be communicated among such persons for purposes of making such solicitations to the consumer; and ‘‘(B) the consumer is provided an opportunity and a simple method to prohibit the making of such solicitations to the consumer by such person. ‘‘(2) CONSUMER CHOICE.— ‘‘(A) IN GENERAL.—The notice required under paragraph (1) shall allow the consumer the opportunity to prohibit all solicitations referred to in such paragraph, and may allow the consumer to choose from different options when electing to prohibit the sending of such solicitations, including options regarding the types of entities and information covered, and which methods of delivering solicitations the consumer elects to prohibit. ‘‘(B) FORMAT.—Notwithstanding subparagraph (A), the notice required under paragraph (1) shall be clear, conspicuous, and concise, and any method provided under paragraph (1)(B) shall be simple. The regulations prescribed to implement this section shall provide specific guidance regarding how to comply with such standards. ‘‘(3) DURATION.— ‘‘(A) IN GENERAL.—The election of a consumer pursuant to paragraph (1)(B) to prohibit the making of solicitations shall be effective for at least 5 years, beginning on the date on which the person receives the election of the consumer, unless the consumer requests that such election be revoked. ‘‘(B) NOTICE UPON EXPIRATION OF EFFECTIVE PERIOD.— At such time as the election of a consumer pursuant to

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