Bill Text: CA AB2416 | 2015-2016 | Regular Session | Chaptered
Bill Title: Escrow agent rating service.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2016-08-17 - Chaptered by Secretary of State - Chapter 135, Statutes of 2016. [AB2416 Detail]
Download: California-2015-AB2416-Chaptered.html
BILL NUMBER: AB 2416 CHAPTERED
BILL TEXT
CHAPTER 135
FILED WITH SECRETARY OF STATE AUGUST 17, 2016
APPROVED BY GOVERNOR AUGUST 17, 2016
PASSED THE SENATE JUNE 30, 2016
PASSED THE ASSEMBLY AUGUST 1, 2016
AMENDED IN SENATE JUNE 21, 2016
INTRODUCED BY Assembly Member Wilk
FEBRUARY 19, 2016
An act to amend Section 1785.28.6 of the Civil Code, relating to
escrow agent credit.
LEGISLATIVE COUNSEL'S DIGEST
AB 2416, Wilk. Escrow agent rating service.
Existing law, the Consumer Credit Reporting Agencies Act, requires
every consumer credit reporting agency, upon request and proper
identification of any consumer, to allow the consumer to visually
inspect all files maintained regarding that consumer at the time of
the request. Existing law requires every consumer reporting agency to
advise the consumer of the agency's obligation to provide a decoded
written version of the file. Existing law grants the consumer the
right to request and receive a decoded written version of the file.
Existing law requires a consumer credit reporting agency to disclose
the recipients of any consumer credit report on the consumer which
the consumer credit reporting agency has furnished, as specified.
Under existing law, a consumer credit reporting agency is required
to furnish a consumer credit report only under certain
circumstances, including in accordance with the written instructions
of the consumer to whom it relates. Existing law prohibits a consumer
credit reporting agency from making any consumer credit report
containing specified information. Existing law requires every
consumer credit reporting agency to maintain reasonable procedures
designed to avoid disclosing certain information and to limit the
furnishing of consumer credit reports to specified purposes. If the
completeness or accuracy of any item of information in a consumer's
file is disputed by the consumer, existing law requires the consumer
credit reporting agency to reinvestigate and record the current
status of the disputed information within a specified period of time.
Existing law requires each consumer credit reporting agency that
compiles and reports items of information that are matters of public
record to specify the source from which that information was
obtained. Existing law requires a person that procures a consumer
credit report for the purpose of reselling the report to take
specified actions.
Existing law authorizes any consumer suffering damages as a result
of a violation of the Consumer Credit Reporting Agencies Act by any
person to bring a court action for damages or injunctive relief, as
specified.
Existing law requires an escrow agent rating service, as defined,
to comply with the provisions described above. Existing law makes an
escrow agent rating service subject to the requirements applicable to
a reseller of credit information if it acts in that capacity, as
specified. Existing law requires an escrow agent rating service to
establish policies and procedures to protect the personal information
it obtains from escrow agents. Existing law authorizes an escrow
agent, as defined, who suffers damages as a result of the failure of
an escrow agent rating service to comply with these provisions to
bring a court action for specified damages. Existing law repeals, on
January 1, 2017, these escrow agent rating service requirements.
This bill would instead extend the operation of the escrow agent
rating service requirements until January 1, 2022.
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
SECTION 1. Section 1785.28.6 of the Civil Code is amended to read:
1785.28.6. This chapter shall remain in effect only until January
1, 2022, and as of that date is repealed.
