EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
[Brackets] indicate matter deleted from existing law.
*sb0041*
SENATE BILL 41
I3, I2 4lr0445
(PRE–FILED) CF 4lr0444
By: Senator Lam
Requested: August 4, 2023
Introduced and read first time: January 10, 2024
Assigned to: Finance
A BILL ENTITLED
AN ACT concerning 1
Consumer Protection – Consumer Reporting Agencies – Information in 2
Consumer Credit Reports 3
FOR the purpose of altering the items of information that a consumer reporting agency is 4
prohibited from including in a consumer credit report; and generally relating to 5
consumer reporting agencies and consumer credit reports. 6
BY repealing and reenacting, with amendments, 7
Article – Commercial Law 8
Section 14–1203 9
Annotated Code of Maryland 10
(2013 Replacement Volume and 2023 Supplement) 11
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 12
That the Laws of Maryland read as follows: 13
Article – Commercial Law 14
14–1203. 15
(a) Except as authorized under subsection (b) of this section, no consumer 16
reporting agency may make any consumer report containing any of the following items of 17
information: 18
(1) Bankruptcies which, from date of adjudication of the most recent 19
bankruptcy, antedate the report by more than 10 years; 20
(2) Suits and judgments which, from date of entry, antedate the report by 21
more than seven years or until the governing statute of limitations has expired, whichever 22
is the longer period; 23 2 SENATE BILL 41
(3) Paid tax liens which, from date of payment, antedate the report by more 1
than seven years; 2
(4) Accounts placed for collection or charged to profit and loss which 3
antedate the report by more than seven years; 4
(5) Records of arrest, indictment, or conviction of crime which, from date of 5
disposition, release, or parole, antedate the report by more than seven years; or 6
(6) Any other adverse item of information which antedates the report by 7
more than seven years. 8
(b) The provisions of subsection (a) of this section are not applicable in the case of 9
any consumer credit report to be used in connection with: 10
(1) A credit transaction involving, or which may reasonably be expected to 11
involve, a principal amount of [$50,000] $150,000 or more; 12
(2) The underwriting of life insurance involving, or which may reasonably 13
be expected to involve, a face amount of [$50,000] $150,000 or more; or 14
(3) The employment of any individual at an annual salary which equals, or 15
which may reasonably be expected to equal, [$20,000] $75,000 or more. 16
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 17
October 1, 2024. 18