Requires reporting agencies to report to Division of Consumer Affairs number of free consumer reports furnished to New Jersey resident consumers annually.
Impact
The implementation of A3536 is expected to strengthen consumer protection in New Jersey by ensuring that residents are aware of the availability of free consumer reports. This bill will empower consumers to monitor their credit standing and endorse financial literacy. Moreover, by tracking the distribution of free reports, the Division of Consumer Affairs can better understand consumer utilization and improve outreach and educational efforts regarding credit reports.
Summary
Assembly Bill A3536 requires every reporting agency that compiles and maintains consumer files on a nationwide basis to report to the Division of Consumer Affairs the number of free consumer reports they have furnished to New Jersey resident consumers each year. The agencies must provide this report annually by March 1, detailing how many consumers received one free report and how many received two. This requirement aims to enhance transparency regarding access to personal credit information for residents of New Jersey.
Contention
While the bill generally received support for enhancing transparency, certain points of contention arose regarding the compliance requirements placed on the reporting agencies. Critics argue that the penalties for non-compliance, which can go up to $10,000, might impose undue burdens on smaller agencies. Further, there is concern regarding how the reporting will affect overall practices in consumer reporting, particularly whether it will lead to increased demand for consumer reports and the subsequent management of those requests.
Same As
Requires reporting agencies to report to Division of Consumer Affairs number of free consumer reports furnished to New Jersey resident consumers annually.
Requires reporting agencies to report to Division of Consumer Affairs number of free consumer reports furnished to New Jersey resident consumers annually.
Requires reporting agencies to report to Division of Consumer Affairs number of free consumer reports furnished to New Jersey resident consumers annually.
Requires reporting agencies to report to Division of Consumer Affairs number of free consumer reports furnished to New Jersey resident consumers annually.
Requires reporting agencies to report to Division of Consumer Affairs number of free consumer reports furnished to New Jersey resident consumers annually.
Requires reporting agencies to report to Division of Consumer Affairs number of free consumer reports furnished to New Jersey resident consumers annually.
Requires reporting agencies to report to Division of Consumer Affairs number of free consumer reports furnished to New Jersey resident consumers annually.
Relating to certain qualifications and requirements for residential mortgage loan companies, the investment and use of excess residential mortgage loan originator recovery fund fees, and the creation of the mortgage grant fund; changing a fee.
The licensing and regulation by the Department of Financial Institutions of consumer lenders, payday lenders, money transmitters, sales finance companies, collection agencies, mortgage bankers and mortgage brokers, adjustment service companies, community currency exchanges, and insurance premium finance companies; the Nationwide Multistate Licensing System and Registry; modifying and repealing rules promulgated by the Department of Financial Institutions; and granting rule-making authority. (FE)
The licensing and regulation by the Department of Financial Institutions of consumer lenders, payday lenders, money transmitters, sales finance companies, collection agencies, mortgage bankers and mortgage brokers, adjustment service companies, community currency exchanges, and insurance premium finance companies; the Nationwide Multistate Licensing System and Registry; modifying and repealing rules promulgated by the Department of Financial Institutions; and granting rule-making authority. (FE)