Page:United States Statutes at Large Volume 117.djvu/2008

 PUBLIC LAW 108–159—DEC. 4, 2003

117 STAT. 1989

‘‘(6) RULEMAKING.— ‘‘(A) RULES REQUIRED.—The Commission and the Board shall jointly prescribe rules. ‘‘(B) CONTENT.—Rules required by subparagraph (A) shall address, but are not limited to— ‘‘(i) the form, content, time, and manner of delivery of any notice under this subsection; ‘‘(ii) clarification of the meaning of terms used in this subsection, including what credit terms are material, and when credit terms are materially less favorable; ‘‘(iii) exceptions to the notice requirement under this subsection for classes of persons or transactions regarding which the agencies determine that notice would not significantly benefit consumers; ‘‘(iv) a model notice that may be used to comply with this subsection; and ‘‘(v) the timing of the notice required under paragraph (1), including the circumstances under which the notice must be provided after the terms offered to the consumer were set based on information from a consumer report. ‘‘(7) COMPLIANCE.—A person shall not be liable for failure to perform the duties required by this section if, at the time of the failure, the person maintained reasonable policies and procedures to comply with this section. ‘‘(8) ENFORCEMENT.— ‘‘(A) NO CIVIL ACTIONS.—Sections 616 and 617 shall not apply to any failure by any person to comply with this section. ‘‘(B) ADMINISTRATIVE ENFORCEMENT.—This section shall be enforced exclusively under section 621 by the Federal agencies and officials identified in that section.’’. (b) RELATION TO STATE LAWS.—Section 625(b)(1) of the Fair Credit Reporting Act (15 U.S.C. 1681t(b)(1)), as so designated by section 214 of this Act, is amended by adding at the end the following: ‘‘(I) section 615(h), relating to the duties of users of consumer reports to provide notice with respect to terms in certain credit transactions;’’. SEC. 312. PROCEDURES TO ENHANCE THE ACCURACY AND INTEGRITY OF INFORMATION FURNISHED TO CONSUMER REPORTING AGENCIES.

(a) ACCURACY GUIDELINES AND REGULATIONS.—Section 623 of the Fair Credit Reporting Act (15 U.S.C. 1681s–2) is amended by adding at the end the following: ‘‘(e) ACCURACY GUIDELINES AND REGULATIONS REQUIRED.— ‘‘(1) GUIDELINES.—The Federal banking agencies, the National Credit Union Administration, and the Commission shall, with respect to the entities that are subject to their respective enforcement authority under section 621, and in coordination as described in paragraph (2)— ‘‘(A) establish and maintain guidelines for use by each person that furnishes information to a consumer reporting agency regarding the accuracy and integrity of the information relating to consumers that such entities furnish to

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