Relating to fees charged by a consumer reporting agency for the placement, temporary lifting, or removal of a security freeze on the consumer file or record of certain consumers or protected consumers.
Impact
The implementation of HB2001 will likely lead to significant changes in the practices of consumer reporting agencies in Texas. By eliminating fees for certain actions, the bill aims to encourage consumers to utilize security freezes, which can be a critical tool for preventing identity theft. This modification enhances access to essential consumer protections, allowing individuals to better manage their personal information without the burden of additional fees.
Summary
House Bill 2001 addresses the fees charged by consumer reporting agencies regarding the placement, temporary lifting, or removal of a security freeze on a consumer's file. The bill amends the Business & Commerce Code to prohibit agencies from charging fees for specific requests related to security freezes, thus enhancing consumer rights and protections. One notable aspect of the bill is the definition of a 'protected consumer,' which includes individuals under 16 years of age, emphasizing the bill's focus on safeguarding vulnerable populations.
Contention
While the bill is generally seen as a step forward in consumer protection, potential points of contention could arise regarding its implementation and the financial implications for consumer reporting agencies. Some stakeholders might express concerns about whether the removal of fees could impact the agencies' revenue models and operational capabilities. Moreover, discussions about how effectively these provisions will be enforced and whether they will adequately protect consumers are likely to surface, particularly in legislative debates.
Relating to the regulation of the collection, use, processing, and treatment of consumers' personal data by certain business entities; imposing a civil penalty.
Relating to the regulation of the collection, use, processing, and treatment of consumers' personal data by certain business entities; imposing a civil penalty.
Relating to a restriction on total charges charged for extensions of consumer credit that a credit services organization obtains for a consumer or assists a consumer in obtaining.
Relating to a restriction on total charges charged for certain extensions of consumer credit that are facilitated by credit access businesses and entered into by consumers residing in disaster areas.