New Jersey Senate Bill S1757

New Jersey 2022-2023 Regular Session

• Introduced: 2/28/22
• Refer: 2/28/22
• Report Pass: 6/9/22
• Engrossed: 2/2/23
• Refer: 2/6/23

Caption

Requires reporting agencies to report to Division of Consumer Affairs number of free consumer reports furnished to New Jersey resident consumers annually.

Impact

The legislation is expected to strengthen consumer rights in New Jersey by providing regulatory oversight over the practices of consumer reporting agencies. By necessitating these reports, the state can better understand how often residents are accessing their free consumer reports, which is a right that directly relates to monitoring their credit and protecting against identity theft. The bill seeks to address potential lapses in consumer awareness regarding their rights to free reports and the importance of checking their credit standings.

Summary

Senate Bill 1757, introduced in the New Jersey legislature, mandates that national reporting agencies are required to report the number of free consumer reports they have provided to New Jersey residents annually. This legislation aims to enhance transparency in the consumer reporting system by ensuring that the Division of Consumer Affairs receives this data by March 1st each year. Each report will detail the number of residents who received one or two free consumer reports in the previous year.

Contention

While the bill seems to support consumer rights, there could be concerns regarding the implementation and compliance burdens placed on reporting agencies. Agencies that fail to adhere to the reporting requirement face a penalty of $10,000, which some critics may view as unnecessarily punitive. Stakeholders might express differing opinions on whether this additional regulation could lead to increased costs that might eventually be passed on to consumers or whether it will merely enhance accountability within the industry.