[Federal Register Volume 67, Number 242 (Tuesday, December 17, 2002)]
[Notices]
[Page 77282]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-31646]



[[Page 77282]]

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FEDERAL TRADE COMMISSION


Charges for Certain Disclosures

AGENCY: Federal Trade Commission.

ACTION: Notice Regarding Charges for Certain Disclosures.

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SUMMARY: The Federal Trade Commission announces that the current $9.00 
ceiling on allowable charges under section 612(a) of the Fair Credit 
Reporting Act (``FCRA'') will remain unchanged for 2003. Under 1996 
amendments to the FCRA, the Federal Trade Commission is required to 
increase the $8.00 amount referred to in paragraph (1)(A)(i) of section 
612(a) on January 1 of each year, based proportionally on changes in 
the Consumer Price Index (``CPI''), with fractional changes rounded to 
the nearest fifty cents. The CPI increased 12.28 percent between 
September 1997, the date the FCRA amendments took effect, and September 
2002. This increase in the CPI and the requirement that any increase be 
rounded to the nearest fifty cents results in no change in the current 
maximum allowable charge of $9.00.

EFFECTIVE DATE: January 1, 2003.

ADDRESSES: Federal Trade Commission, 600 PA. Ave., NW., Washington, DC 
20580.

FOR FURTHER INFORMATION CONTACT: Keith B. Anderson, Bureau of 
Economics, Federal Trade Commission, Washington, DC 20580, 202-326-
3428.

SUPPLEMENTARY INFORMATION: Section 612(a)(1)(A) of the Fair Credit 
Reporting Act, as amended in 1996, states that, where a consumer 
reporting agency is permitted to impose a reasonable charge on a 
consumer for making a disclosure to the consumer pursuant to section 
609, the charge shall not exceed $8 and shall be indicated to the 
consumer before making the disclosure. Section 612(a)(2) goes on to 
state that the Federal Trade Commission (``the Commission'') shall 
increase the $8.00 maximum amount on January 1 of each year, based 
proportionally on changes in the Consumer Price Index, with fractional 
changes rounded to the nearest fifty cents.
    The Commission considers the $8 amount referred to in paragraph 
(1)(A)(i) of section 612(a) to be the baseline for the effective 
ceiling on reasonable charges dating from the effective date of the 
amended FCRA, i.e., September 30, 1997. Each year the Commission 
calculates the proportional increase in the Consumer Price Index (using 
the most general CPI, which is for all urban consumers, all items) from 
September 1997 to September of the current year. The Commission then 
determines what modification, if any, from the original base of $8 
should be made effective on January 1 of the subsequent year, given the 
requirement that fractional changes be rounded to the nearest fifty 
cents.
    Between September 1997 and September 2002, the Consumer Price Index 
for all urban consumers and all items increased by 12.28 percent--from 
an index value of 161.2 in September 1997 to a value of 181.0 in 
September 2002. An increase of 12.28 percent in the $8.00 base figure 
would lead to a new figure of $8.98. However, because the statute 
directs that the resulting figure be rounded to the nearest $0.50, the 
allowable charge should be $9.00.
    The Commission therefore determines that the allowable charge for 
the year 2003 will remain unchanged at $9.00.

    By direction of the Commission.
Donald S. Clark,
Secretary.
[FR Doc. 02-31646 Filed 12-16-02; 8:45 am]
BILLING CODE 6750-01-P