Louisiana 2018 Regular Session

Louisiana Senate Bill SB295

Introduced
3/1/18  
Refer
3/1/18  
Refer
3/12/18  

Caption

Prohibits credit reporting agencies from imposing certain charges on consumers. (8/1/18)

Impact

The enactment of SB 295 represents a significant change in state law regarding consumer protection in financial matters. By allowing consumers to place an initial security freeze without incurring fees, the bill underscores the state's commitment to safeguarding individuals from identity theft. This legislation could lead to higher rates of security freeze adoption among consumers, as the burden of upfront costs has been removed, effectively enhancing consumer awareness and engagement in protective measures.

Summary

Senate Bill 295, introduced by Senator Walsworth, aims to enhance consumer protections by prohibiting credit reporting agencies from charging fees for placing an initial security freeze on consumer files. Previously, consumers could be charged a fee when they opted for a security freeze, which is a critical tool in preventing identity theft. The new legislation retains the possibility of fees for subsequent freezes but eliminates costs associated with the initial freeze, thereby improving access for consumers seeking to protect their financial information.

Sentiment

General sentiment surrounding SB 295 leans positively among consumer advocacy groups, who view the bill as a necessary step toward bolstering consumer rights and security. There is a recognition that charging fees for initial security freezes can deter consumers from taking the essential step of freezing their credit. However, some credit industry representatives may express concern regarding the financial implications of lost revenue from such charges, highlighting a potential divide between industry interests and consumer advocacy.

Contention

Notable points of contention revolve around the balance of consumer protection and the operational implications for credit reporting agencies. While consumers benefit from reduced costs, credit reporting agencies may argue that without the ability to charge for initial freezes, their operational costs and ability to provide services could be adversely affected. Furthermore, discussions about the bill famously brought to light the need for ongoing education about identity theft and the significance of security freezes in the current digital age.

Companion Bills

No companion bills found.

Previously Filed As

LA SB127

Prohibits credit reporting agencies from charging a fee to place, reinstate, temporarily lift, or revoke a security freeze. (gov sig)

LA SB228

Provides relative to credit reporting security. (8/15/10)

LA AB1742

Consumer credit reporting agencies: security freeze requests.

LA SB361

Prohibits creditors from reporting prescribed open accounts to credit bureaus. (8/1/22)

LA HB1370

Health care providers, certain; reporting of medical debt to consumer reporting agencies prohibited.

LA S1353

Requires consumer reporting agencies to increase protection of consumers' personal information.

LA A2549

Requires consumer reporting agencies to increase protection of consumers' personal information.

LA A2607

Prohibits medical providers from reporting certain workers' compensation medical charges to collection and credit reporting agencies.

LA HB05492

An Act Concerning Consumer Credit Reports, Credit Rating Agencies And Certain Employer Credit Inquiries.

LA HB62

Prohibits lessors from reporting delinquent or unpaid rent to credit reporting agencies during the COVID-19 public health emergency (Item #68)

Similar Bills

No similar bills found.