117 STAT. 1988
PUBLIC LAW 108–159—DEC. 4, 2003
made by subsection (a) after notice duly given in the Federal Register and an opportunity for public comment in accordance with section 553 of title 5, United States Code.
TITLE III—ENHANCING THE ACCURACY OF CONSUMER REPORT INFORMATION SEC. 311. RISK-BASED PRICING NOTICE.
(a) DUTIES OF USERS.—Section 615 of the Fair Credit Reporting Act (15 U.S.C. 1681m), as amended by this Act, is amended by adding at the end the following: ‘‘(h) DUTIES OF USERS IN CERTAIN CREDIT TRANSACTIONS.— ‘‘(1) IN GENERAL.—Subject to rules prescribed as provided in paragraph (6), if any person uses a consumer report in connection with an application for, or a grant, extension, or other provision of, credit on material terms that are materially less favorable than the most favorable terms available to a substantial proportion of consumers from or through that person, based in whole or in part on a consumer report, the person shall provide an oral, written, or electronic notice to the consumer in the form and manner required by regulations prescribed in accordance with this subsection. ‘‘(2) TIMING.—The notice required under paragraph (1) may be provided at the time of an application for, or a grant, extension, or other provision of, credit or the time of communication of an approval of an application for, or grant, extension, or other provision of, credit, except as provided in the regulations prescribed under paragraph (6). ‘‘(3) EXCEPTIONS.—No notice shall be required from a person under this subsection if— ‘‘(A) the consumer applied for specific material terms and was granted those terms, unless those terms were initially specified by the person after the transaction was initiated by the consumer and after the person obtained a consumer report; or ‘‘(B) the person has provided or will provide a notice to the consumer under subsection (a) in connection with the transaction. ‘‘(4) OTHER NOTICE NOT SUFFICIENT.—A person that is required to provide a notice under subsection (a) cannot meet that requirement by providing a notice under this subsection. ‘‘(5) CONTENT AND DELIVERY OF NOTICE.—A notice under this subsection shall, at a minimum— ‘‘(A) include a statement informing the consumer that the terms offered to the consumer are set based on information from a consumer report; ‘‘(B) identify the consumer reporting agency furnishing the report; ‘‘(C) include a statement informing the consumer that the consumer may obtain a copy of a consumer report from that consumer reporting agency without charge; and ‘‘(D) include the contact information specified by that consumer reporting agency for obtaining such consumer reports (including a toll-free telephone number established by the agency in the case of a consumer reporting agency described in section 603(p)).
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