Page:United States Statutes at Large Volume 117.djvu/2005

 117 STAT. 1986

PUBLIC LAW 108–159—DEC. 4, 2003

derived from consumer reports for a business purpose to properly dispose of any such information or compilation. ‘‘(2) COORDINATION.—Each agency required to prescribe regulations under paragraph (1) shall— ‘‘(A) consult and coordinate with each other such agency so that, to the extent possible, the regulations prescribed by each such agency are consistent and comparable with the regulations by each such other agency; and ‘‘(B) ensure that such regulations are consistent with the requirements and regulations issued pursuant to Public Law 106–102 and other provisions of Federal law. ‘‘(3) EXEMPTION AUTHORITY.—In issuing regulations under this section, the Federal banking agencies, the National Credit Union Administration, the Commission, and the Securities and Exchange Commission may exempt any person or class of persons from application of those regulations, as such agency deems appropriate to carry out the purpose of this section. ‘‘(b) RULE OF CONSTRUCTION.—Nothing in this section shall be construed— ‘‘(1) to require a person to maintain or destroy any record pertaining to a consumer that is not imposed under other law; or ‘‘(2) to alter or affect any requirement imposed under any other provision of law to maintain or destroy such a record.’’. (b) CLERICAL AMENDMENT.—The table of sections for title VI of the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.) is amended by inserting after the item relating to section 627, as added by section 214 of this Act, the following: ‘‘628. Disposal of records. ‘‘629. Corporate and technological circumvention prohibited.’’. SEC. 217. REQUIREMENT TO DISCLOSE COMMUNICATIONS TO A CONSUMER REPORTING AGENCY.

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(a) IN GENERAL.—Section 623(a) of the Fair Credit Reporting Act (15 U.S.C. 1681s–2(a)) as amended by this Act, is amended by inserting after paragraph (6), the following new paragraph: ‘‘(7) NEGATIVE INFORMATION.— ‘‘(A) NOTICE TO CONSUMER REQUIRED.— ‘‘(i) IN GENERAL.—If any financial institution that extends credit and regularly and in the ordinary course of business furnishes information to a consumer reporting agency described in section 603(p) furnishes negative information to such an agency regarding credit extended to a customer, the financial institution shall provide a notice of such furnishing of negative information, in writing, to the customer. ‘‘(ii) NOTICE EFFECTIVE FOR SUBSEQUENT SUBMISSIONS.—After providing such notice, the financial institution may submit additional negative information to a consumer reporting agency described in section 603(p) with respect to the same transaction, extension of credit, account, or customer without providing additional notice to the customer. ‘‘(B) TIME OF NOTICE.— ‘‘(i) IN GENERAL.—The notice required under subparagraph (A) shall be provided to the customer prior to, or no later than 30 days after, furnishing

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