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S. 546
STATUS INFORMATION
General Bill
Sponsors: Senator Reese
Document Path: l:\council\bills\ggs\22774mm07.doc
Introduced in the Senate on March 7, 2007
Currently residing in the Senate Committee on Banking and Insurance
Summary: Credit-scoring system
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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3/7/2007 Senate Introduced and read first time SJ-12
3/7/2007 Senate Referred to Committee on Banking and Insurance SJ-12
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 37-1-304 SO AS TO DEFINE AN "EMPIRICALLY DERIVED, DEMONSTRABLY AND STATISTICALLY SOUND CREDIT-SCORING SYSTEM" AS EXCLUSIVE OF DATA COLLECTED AS A RESULT OF A CREDITOR REVIEWING A REPORT FOR THE PURPOSE OF MAKING A PRESCREENED CREDIT OFFER AND DATA COLLECTED AS A RESULT OF THE NUMBER OF INQUIRIES APPEARING ON A CREDIT REPORT UPON APPLICATION FOR CREDIT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Part 3, Chapter 1 of Title 37 is amended by adding:
"Section 37-1-304. An empirically derived, demonstrably and statistically sound, credit-scoring system used to evaluate a South Carolina resident's credit worthiness may not include data derived as a result of:
(1) a creditor reviewing the resident's report for the purpose of making a prescreened credit offer; or
(2) the number of inquiries appearing in the resident's report by reason of applications for credit."
SECTION 2. This act takes effect upon approval by the Governor.
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