[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 3987 Engrossed in Senate (ES)]

111th CONGRESS
  2d Session
                                S. 3987

_______________________________________________________________________

                                 AN ACT


 
      To amend the Fair Credit Reporting Act with respect to the 
        applicability of identity theft guidelines to creditors.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Red Flag Program Clarification Act 
of 2010''.

SEC. 2. SCOPE OF CERTAIN CREDITOR REQUIREMENTS.

    (a) Amendment to FCRA.--Section 615(e) of the Fair Credit Reporting 
Act (15 U.S.C. 1681m(e)) is amended by adding at the end the following:
            ``(4) Definitions.--As used in this subsection, the term 
        `creditor'--
                    ``(A) means a creditor, as defined in section 702 
                of the Equal Credit Opportunity Act (15 U.S.C. 1691a), 
                that regularly and in the ordinary course of business--
                            ``(i) obtains or uses consumer reports, 
                        directly or indirectly, in connection with a 
                        credit transaction;
                            ``(ii) furnishes information to consumer 
                        reporting agencies, as described in section 
                        623, in connection with a credit transaction; 
                        or
                            ``(iii) advances funds to or on behalf of a 
                        person, based on an obligation of the person to 
                        repay the funds or repayable from specific 
                        property pledged by or on behalf of the person;
                    ``(B) does not include a creditor described in 
                subparagraph (A)(iii) that advances funds on behalf of 
                a person for expenses incidental to a service provided 
                by the creditor to that person; and
                    ``(C) includes any other type of creditor, as 
                defined in that section 702, as the agency described in 
                paragraph (1) having authority over that creditor may 
                determine appropriate by rule promulgated by that 
                agency, based on a determination that such creditor 
                offers or maintains accounts that are subject to a 
                reasonably foreseeable risk of identity theft.''.
    (b) Effective Date.--The amendment made by this section shall 
become effective on the date of enactment of this Act.

            Passed the Senate November 30, 2010.

            Attest:

                                                             Secretary.
111th CONGRESS

  2d Session

                                S. 3987

_______________________________________________________________________

                                 AN ACT

      To amend the Fair Credit Reporting Act with respect to the 
        applicability of identity theft guidelines to creditors.