Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681s-3&num=0&edition=prelim
Timestamp: 2020-02-27 00:49:02
Document Index: 695955466

Matched Legal Cases: ['§ 1681', '§1681', '§624', '§214', '§214', '§1088', '§214', '§1088']

[USC02] 15 USC 1681s-3: Affiliate sharing
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15 USC 1681s-3: Affiliate sharing Text contains those laws in effect on February 25, 2020
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§1681s–3. Affiliate sharing
Any person that receives from another person related to it by common ownership or affiliated by corporate control a communication of information that would be a consumer report, but for clauses (i), (ii), and (iii) of section 1681a(d)(2)(A) of this title, may not use the information to make a solicitation for marketing purposes to a consumer about its products or services, unless-
This section shall not apply to a person-
The term "pre-existing business relationship" means a relationship between a person, or a person's licensed agent, and a consumer, based on-
(Pub. L. 90–321, title VI, §624, as added Pub. L. 108–159, title II, §214(a)(2), Dec. 4, 2003, 117 Stat. 1980 .)
Pub. L. 108–159, title II, §214(b), Dec. 4, 2003, 117 Stat. 1982 , as amended by Pub. L. 111–203, title X, §1088(b)(3), July 21, 2010, 124 Stat. 2092 , provided that:
"(1) In general.-Regulations to carry out section 624 of the Fair Credit Reporting Act (15 U.S.C. 1681s–3), shall be prescribed, as described in paragraph (2), by-
"(2) Coordination.-Each agency required to prescribe regulations under paragraph (1) shall consult and coordinate with each other such agency so that, to the extent possible, the regulations prescribed by each such entity are consistent and comparable with the regulations prescribed by each other such agency.
"(3) Considerations.-In promulgating regulations under this subsection, each agency referred to in paragraph (1) shall-
"(4) Timing.-Regulations required by this subsection shall-
Pub. L. 108–159, title II, §214(e), Dec. 4, 2003, 117 Stat. 1983 , as amended by Pub. L. 111–203, title X, §1088(b)(4), July 21, 2010, 124 Stat. 2092 , provided that:
"(1) In general.-The Federal banking agencies, the National Credit Union Administration, and the Bureau shall jointly conduct regular studies of the consumer information sharing practices by financial institutions and other persons that are creditors or users of consumer reports with their affiliates.
"(2) Matters for study.-In conducting the studies required by paragraph (1), the agencies described in paragraph (1) shall-
"(A) identify-
"(iv) whether such entities share or may share personally identifiable transaction or experience information with affiliates for purposes-
"(3) Reports.-
"(A) Initial report.-Not later than 3 years after the date of enactment of this Act [Dec. 4, 2003], the Federal banking agencies, the National Credit Union Administration, and the Commission shall jointly submit a report to the Congress on the results of the initial study conducted in accordance with this subsection, together with any recommendations for legislative or regulatory action.
"(B) Followup reports.-The Federal banking agencies, the National Credit Union Administration, and the Commission shall, not less frequently than once every 3 years following the date of submission of the initial report under subparagraph (A), jointly submit a report to the Congress that, together with any recommendations for legislative or regulatory action-