The bill amends the Credit Reporting Disclosure Act of 1989 to clarify the requirements for a notice of adverse action. Specifically, it updates the content that must be included in such notifications. The revised language specifies that the notification must be in writing and include a statement of the action taken, the name and address of the creditor, and the name and address of the consumer reporting agency that provided the report.

Additionally, the bill removes the requirement to include the consumer's Social Security number in the notification, provided that the number has been given to the user of the consumer report by the consumer or is included in the report received from the consumer reporting agency. This change aims to enhance consumer privacy by eliminating the need for sensitive personal information in adverse action notifications.

Statutes affected:
SB 240: 4-93-104(a)
Act 343: 4-93-104(a)