§1681x — Title 15 Commerce and Trade | U.S. Code

Summary

Requires the Commission to issue rules that take effect no later than 90 days after December 4, 2003, to stop consumer reporting agencies from avoiding being treated as such under the law. The rules must block attempts to escape coverage by reorganizing the company (for example, by merger, acquisition, dissolution, divestiture, or asset sale) or by keeping or combining public record and credit account data in ways that are essentially the same as covered reporting systems.

Title 15, §1681x

Commerce and Trade — Source: USLM XML via OLRC

The Commission shall prescribe regulations, to become effective not later than 90 days after December 4, 2003, to prevent a consumer reporting agency from circumventing or evading treatment as a consumer reporting agency described in section 1681a(p) of this title for purposes of this subchapter, including—

(1)by means of a corporate reorganization or restructuring, including a merger, acquisition, dissolution, divestiture, or asset sale of a consumer reporting agency; or

(2)by maintaining or merging public record and credit account information in a manner that is substantially equivalent to that described in paragraphs (1) and (2) of section 1681a(p) of this title, in the manner described in section 1681a(p) of this title.

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Section subject to joint

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establishing

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s as prescribed by Federal Reserve Board and Federal Trade Commission, except as otherwise provided, see section 3 of Pub. L. 108–159, set out as an

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of 2003 Amendment note under section 1681 of this title.

§1681x Corporate and Technological Circumvention Prohibited

Summary

Title 15, §1681x

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