Page:United States Statutes at Large Volume 117.djvu/2001

 117 STAT. 1982

15 USC 1681s–3 note.

VerDate 11-MAY-2000

10:15 Aug 27, 2004

PUBLIC LAW 108–159—DEC. 4, 2003

‘‘(d) DEFINITIONS.—For purposes of this section, the following definitions shall apply: ‘‘(1) PRE-EXISTING BUSINESS RELATIONSHIP.—The term ‘preexisting business relationship’ means a relationship between a person, or a person’s licensed agent, and a consumer, based on— ‘‘(A) a financial contract between a person and a consumer which is in force; ‘‘(B) the purchase, rental, or lease by the consumer of that person’s goods or services, or a financial transaction (including holding an active account or a policy in force or having another continuing relationship) between the consumer and that person during the 18-month period immediately preceding the date on which the consumer is sent a solicitation covered by this section; ‘‘(C) an inquiry or application by the consumer regarding a product or service offered by that person, during the 3-month period immediately preceding the date on which the consumer is sent a solicitation covered by this section; or ‘‘(D) any other pre-existing customer relationship defined in the regulations implementing this section. ‘‘(2) SOLICITATION.—The term ‘solicitation’ means the marketing of a product or service initiated by a person to a particular consumer that is based on an exchange of information described in subsection (a), and is intended to encourage the consumer to purchase such product or service, but does not include communications that are directed at the general public or determined not to be a solicitation by the regulations prescribed under this section.’’. (b) RULEMAKING REQUIRED.— (1) IN GENERAL.—The Federal banking agencies, the National Credit Union Administration, and the Commission, with respect to the entities that are subject to their respective enforcement authority under section 621 of the Fair Credit Reporting Act and the Securities and Exchange Commission, and in coordination as described in paragraph (2), shall prescribe regulations to implement section 624 of the Fair Credit Reporting Act, as added by this section. (2) COORDINATION.—Each agency required to prescribe regulations under paragraph (1) shall consult and coordinate with each other such agency so that, to the extent possible, the regulations prescribed by each such entity are consistent and comparable with the regulations prescribed by each other such agency. (3) CONSIDERATIONS.—In promulgating regulations under this subsection, each agency referred to in paragraph (1) shall— (A) ensure that affiliate sharing notification methods provide a simple means for consumers to make determinations and choices under section 624 of the Fair Credit Reporting Act, as added by this section; (B) consider the affiliate sharing notification practices employed on the date of enactment of this Act by persons that will be subject to that section 624; and (C) ensure that notices and disclosures may be coordinated and consolidated, as provided in subsection (b) of that section 624.

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