H 4457 General Bill, By J.L.M. Cromer, D.W. Beatty, A.W. Byrd, Cobb-Hunter, 
D.N. Holt, Inabinett, H.H. Keyserling, Lanford, S.G. Manly, A.C. McGinnis, 
Neilson, Scott, R. Smith, C.H. Stone, C.Y. Waites and C.C. Wells
 A Bill to amend Chapter 1, Title 37, Code of Laws of South Carolina, 1976,
 relating to general provisions and definitions in the Consumer Protection
 Code, by adding Section 37-1-401 so as to require a consumer credit reporting
 agency to accurately report information, verify and update consumer credit
 information within thirty days before releasing the information, and reflect
 satisfaction of a judgment or a judgment lien against a consumer's realty
 within thirty days of the satisfaction, and to provide civil liability for
 noncompliance.

   02/26/92  House  Introduced and read first time HJ-19
   02/26/92  House  Referred to Committee on Judiciary HJ-19
   04/14/92  House  Tabled in committee

A BILL

TO AMEND CHAPTER 1, TITLE 37, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO GENERAL PROVISIONS AND DEFINITIONS IN THE CONSUMER PROTECTION CODE, BY ADDING SECTION 37-1-401 SO AS TO REQUIRE A CONSUMER CREDIT REPORTING AGENCY TO ACCURATELY REPORT INFORMATION, VERIFY AND UPDATE CONSUMER CREDIT INFORMATION WITHIN THIRTY DAYS BEFORE RELEASING THE INFORMATION, AND REFLECT SATISFACTION OF A JUDGMENT OR A JUDGMENT LIEN AGAINST A CONSUMER'S REALTY WITHIN THIRTY DAYS OF THE SATISFACTION, AND TO PROVIDE CIVIL LIABILITY FOR NONCOMPLIANCE.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Chapter 1, Title 37 of the 1976 Code is amended by adding:

Section 37-1-401. (A) A consumer credit reporting agency which gathers, compiles, and disseminates information on consumers in accordance with the Federal Consumer Credit Protection Act must be diligent in accurately reporting this information and within thirty days before its release must verify and update all information contained in the report. Whenever a judgment or judgment lien placed against realty of a consumer is paid and satisfied in full, the consumer credit reporting agency shall, in its records, files, or information on that consumer, reflect the satisfaction of the judgment or judgment lien within thirty days of the satisfaction.

(B) A consumer credit reporting agency which fails to comply with this section is liable to the consumer for actual damages, attorney's fees, and court costs."

SECTION 2. This act takes effect upon approval by the Governor.