MD
Maryland Senate Bill SB41

Maryland 2024 Regular Session

Maryland Senate Bill SB41 Compare Versions

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1- WES MOORE, Governor Ch. 619
21
3-– 1 –
4-Chapter 619
5-(Senate Bill 41)
62
7-AN ACT concerning
3+EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
4+ [Brackets] indicate matter deleted from existing law.
5+ Underlining indicates amendments to bill.
6+ Strike out indicates matter stricken from the bill by amendment or deleted from the law by
7+amendment.
8+ *sb0041*
89
9-Consumer Protection – Consumer Reporting Agencies – Information in
10-Consumer Credit Reports
10+SENATE BILL 41
11+I3, I2 4lr0445
12+ (PRE–FILED) CF HB 262
13+By: Senator Lam
14+Requested: August 4, 2023
15+Introduced and read first time: January 10, 2024
16+Assigned to: Finance
17+Committee Report: Favorable
18+Senate action: Adopted
19+Read second time: February 3, 2024
1120
12-FOR the purpose of altering the items of information that a consumer reporting agency is
13-prohibited from including in a consumer credit report; and generally relating to
14-consumer reporting agencies and consumer credit reports.
21+CHAPTER ______
1522
16-BY repealing and reenacting, with amendments,
17- Article – Commercial Law
18-Section 14–1203
19- Annotated Code of Maryland
20- (2013 Replacement Volume and 2023 Supplement)
23+AN ACT concerning 1
2124
22- SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,
23-That the Laws of Maryland read as follows:
25+Consumer Protection – Consumer Reporting Agencies – Information in 2
26+Consumer Credit Reports 3
2427
25-Article – Commercial Law
28+FOR the purpose of altering the items of information that a consumer reporting agency is 4
29+prohibited from including in a consumer credit report; and generally relating to 5
30+consumer reporting agencies and consumer credit reports. 6
2631
27-14–1203.
32+BY repealing and reenacting, with amendments, 7
33+ Article – Commercial Law 8
34+Section 14–1203 9
35+ Annotated Code of Maryland 10
36+ (2013 Replacement Volume and 2023 Supplement) 11
2837
29- (a) Except as authorized under subsection (b) of this section, no consumer
30-reporting agency may make any consumer report containing any of the following items of
31-information:
38+ SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 12
39+That the Laws of Maryland read as follows: 13
3240
33- (1) Bankruptcies which, from date of adjudication of the most recent
34-bankruptcy, antedate the report by more than 10 years;
41+Article – Commercial Law 14
3542
36- (2) Suits and judgments which, from date of entry, antedate the report by
37-more than seven years or until the governing statute of limitations has expired, whichever
38-is the longer period;
43+14–1203. 15
3944
40- (3) Paid tax liens which, from date of payment, antedate the report by more
41-than seven years;
45+ (a) Except as authorized under subsection (b) of this section, no consumer 16
46+reporting agency may make any consumer report containing any of the following items of 17
47+information: 18
48+ 2 SENATE BILL 41
4249
43- (4) Accounts placed for collection or charged to profit and loss which
44-antedate the report by more than seven years;
4550
46- (5) Records of arrest, indictment, or conviction of crime which, from date of
47-disposition, release, or parole, antedate the report by more than seven years; or
51+ (1) Bankruptcies which, from date of adjudication of the most recent 1
52+bankruptcy, antedate the report by more than 10 years; 2
4853
49- (6) Any other adverse item of information which antedates the report by Ch. 619 2024 LAWS OF MARYLAND
54+ (2) Suits and judgments which, from date of entry, antedate the report by 3
55+more than seven years or until the governing statute of limitations has expired, whichever 4
56+is the longer period; 5
5057
51-– 2 –
52-more than seven years.
58+ (3) Paid tax liens which, from date of payment, antedate the report by more 6
59+than seven years; 7
5360
54- (b) The provisions of subsection (a) of this section are not applicable in the case of
55-any consumer credit report to be used in connection with:
61+ (4) Accounts placed for collection or charged to profit and loss which 8
62+antedate the report by more than seven years; 9
5663
57- (1) A credit transaction involving, or which may reasonably be expected to
58-involve, a principal amount of [$50,000] $150,000 or more;
64+ (5) Records of arrest, indictment, or conviction of crime which, from date of 10
65+disposition, release, or parole, antedate the report by more than seven years; or 11
5966
60- (2) The underwriting of life insurance involving, or which may reasonably
61-be expected to involve, a face amount of [$50,000] $150,000 or more; or
67+ (6) Any other adverse item of information which antedates the report by 12
68+more than seven years. 13
6269
63- (3) The employment of any individual at an annual salary which equals, or
64-which may reasonably be expected to equal, [$20,000] $75,000 or more.
70+ (b) The provisions of subsection (a) of this section are not applicable in the case of 14
71+any consumer credit report to be used in connection with: 15
6572
66- SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
67-October 1, 2024.
73+ (1) A credit transaction involving, or which may reasonably be expected to 16
74+involve, a principal amount of [$50,000] $150,000 or more; 17
6875
69-Approved by the Governor, May 9, 2024.
76+ (2) The underwriting of life insurance involving, or which may reasonably 18
77+be expected to involve, a face amount of [$50,000] $150,000 or more; or 19
78+
79+ (3) The employment of any individual at an annual salary which equals, or 20
80+which may reasonably be expected to equal, [$20,000] $75,000 or more. 21
81+
82+ SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 22
83+October 1, 2024. 23
84+
85+
86+
87+
88+Approved:
89+________________________________________________________________________________
90+ Governor.
91+________________________________________________________________________________
92+ President of the Senate.
93+________________________________________________________________________________
94+ Speaker of the House of Delegates.