S 439 Session 110 (1993-1994)
S 0439 General Bill, By Washington, Ford, Glover, Matthews and Patterson
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 and to verify and update consumer
credit information, and to provide civil liability for noncompliance.
02/17/93 Senate Introduced and read first time SJ-7
02/17/93 Senate Referred to Committee on Banking and Insurance SJ-7
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 AND TO VERIFY AND UPDATE CONSUMER
CREDIT INFORMATION, 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:
"Part 4
Consumer Credit Reporting Agencies
Section 37-l-40l. (A) A consumer credit reporting agency which
gathers, compiles, and disseminates information on consumers obtained
from public records as defined in Section 30-4-20(c) in accordance with
the Federal Consumer Credit Protection Act must verify and update all
such information contained in the report before its release.
(B) A consumer credit reporting agency which inaccurately reports
information obtained from public records because of its failure to verify
and update the information before releasing a report is liable to the
consumer:
(1) in the case of wilful noncompliance, for actual and punitive
damages and attorney's fees;
(2) in the case of negligent noncompliance, for actual damages
and attorney's fees."
SECTION 2. This act takes effect upon approval by the Governor.
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