Bill 4457

                    Current Status

Introducing Body:               House
Bill Number:                    4457
Primary Sponsor:                Cromer
Committee Number:               25
Type of Legislation:            GB
Subject:                        Consumer credit reporting
                                agencies
Residing Body:                  House
Current Committee:              Judiciary
Date Tabled:                    Apr 14, 1992
Computer Document Number:       BBM/9755.JM
Introduced Date:                Feb 26, 1992
Last History Body:              House
Last History Date:              Apr 14, 1992
Last History Type:              Tabled in Committee
Scope of Legislation:           Statewide
All Sponsors:                   Cromer
                                Beatty
                                Keyserling
                                Neilson
                                Scott
                                Smith
                                Cobb-Hunter
                                Holt
                                Waites
                                Byrd
                                Stone
                                Wells
                                Inabinett
                                Manly
                                McGinnis
                                Lanford
Type of Legislation:            General Bill

 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 4457  House   Apr 14, 1992  Tabled in Committee             25
 4457  House   Feb 26, 1992  Introduced, read first time,    25
                             referred to 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.