Tennessee Senate Bill SB2051

Tennessee 2023-2024 Regular Session

• Introduced: 1/25/24

Caption

AN ACT to amend Tennessee Code Annotated, Title 38, Chapter 6; Title 45; Title 47; Title 56 and Title 62, relative to consumer reporting agencies.

Impact

The implementation of SB2051 is expected to have a significant impact on the practices of consumer reporting agencies across the state. By limiting the reporting of specific types of adverse information beyond a seven-year timeframe, the bill aims to promote fairer treatment of consumers in credit and employment screenings. It seeks to align state law with emerging trends in consumer protection and to encourage a more equitable environment for individuals seeking financial opportunities. Additionally, the bill introduces enforcement mechanisms, granting the attorney general the authority to investigate violations and enforce penalties under the Tennessee Consumer Protection Act.

Summary

Senate Bill 2051 aims to amend several sections of the Tennessee Code Annotated, specifically Title 38, Chapter 6; Title 45; Title 47; Title 56 and Title 62. The bill primarily focuses on regulations concerning consumer reporting agencies, establishing new limitations on the type of information that can be included in consumer reports. Key provisions of the bill include restrictions on reporting certain adverse information, such as bankruptcies, liens, and criminal records, after a period of seven years from their occurrence. This is intended to prevent the long-term repercussions of negative financial events and criminal histories from hindering individuals' access to credit and employment opportunities.

Contention

Notable points of contention surrounding SB2051 include concerns over the balance between consumer protection and the rights of employers and lenders to access comprehensive background information. Proponents argue that the bill fosters a fairer environment for individuals who have made mistakes in the past and should not be perpetually penalized through unfair reporting practices. Conversely, opponents may express fears that limiting the information available to employers and financial institutions could lead to risks associated with hiring or lending to individuals with undisclosed negative histories, potentially impacting overall safety and financial responsibility.