H 3065 General Bill, By L.S. Whipper, Breeland and J.M. White
 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 within thirty days of releasing the information and to
 provide civil liability for noncompliance.

   01/12/93  House  Introduced and read first time HJ-35
   01/12/93  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-36

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 WITHIN THIRTY DAYS OF RELEASING THE 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:

Section 37-1-401. (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.