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Bill 54

                    Current Status

Bill Number:                      54
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  19990112
Primary Sponsor:                  Giese
All Sponsors:                     Giese, Elliott, Rankin, Reese
Drafted Document Number:          l:\council\bills\dka\3067mm99.doc
Residing Body:                    Senate
Current Committee:                Banking and Insurance Committee 02 SBI
Subject:                          Consumer credit reporting agency, 
                                  inaccurate item of information, 
                                  reinvestigation provisions; Consumer Affairs


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  19990112  Introduced, read first time,           02 SBI
                  referred to Committee
Senate  19981118  Prefiled, referred to Committee        02 SBI


                             Versions of This 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 37-1-410 SO AS TO PROVIDE THAT IF THE COMPLETENESS OR ACCURACY OF AN ITEM OF INFORMATION CONTAINED IN A FILE OF A CONSUMER CREDIT REPORTING AGENCY REGARDING A CONSUMER IS DISPUTED BY THE CONSUMER, AND THE CONSUMER DIRECTLY CONVEYS IN WRITING TO THE AGENCY HIS DISPUTE, THE CONSUMER CREDIT REPORTING AGENCY SHALL REINVESTIGATE WITHIN SIXTY DAYS THAT INFORMATION, RECORD THE CURRENT STATUS OF THE INFORMATION, AND CORRECT THE INFORMATION IF THE REINVESTIGATION DETERMINES THAT THE EARLIER INFORMATION WAS INACCURATE, INCORRECT, OR INCOMPLETE.

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 37-1-410. (A) If the completeness or accuracy of an item of information contained in a file of a consumer credit reporting agency regarding a consumer is disputed by the consumer, and the consumer directly conveys in writing to the agency his dispute, the consumer credit reporting agency shall reinvestigate within sixty days that information, record the current status of the information, and correct the information if the reinvestigation determines that the earlier information was inaccurate, incorrect, or incomplete.

(B) The provisions of this section apply to all consumer credit reporting agencies, regardless of whether or not the credit transaction giving rise to the report is governed or regulated by the Consumer Protection Code."

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

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