15 U.S.C. § 1681x — Corporate and technological circumvention prohibited
submitted 23 years ago by Pub. L. 90-321 to r/title-15-COMMERCE-AND-TRADE · 115 words · no verdicts yet
This section requires the Commission to stop reporting agencies from avoiding regulation through corporate restructuring or by combining public-record and credit-account information in an equivalent way.
The Commission must issue regulations effective no later than 90 days after December 4, 2003, to prevent a reporting agency from avoiding treatment as a nationwide consumer reporting agency*. The rules must cover avoidance through corporate reorganization or restructuring, including a merger, acquisition, dissolution, divestiture, or asset sale, and through maintaining or merging public-record and credit-account information in a way substantially equivalent to the methods described in section 1681a(p).
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—
by means of a corporate reorganization or restructuring, including a merger, acquisition, dissolution, divestiture, or asset sale of a consumer reporting agency; or
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.
Source credit: (Pub. L. 90–321, title VI, § 629, as added Pub. L. 108–159, title II, § 211(b), Dec. 4, 2003, 117 Stat. 1970.)
- 2003Enacted · Pub. L. 90-321 · 117 Stat. 1970
A history note hasn’t been published yet. The record shows enactment by Pub. L. 90-321 on 2003-12-04.
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