HB 18-1063 Summary

• Requires consumer reporting agencies to obtain a consumer's written consent before furnishing consumer reports or selling/sharing information from a consumer's file to third parties, except where required by court order.

• Mandates consumer reporting agencies provide one-time written notice to each consumer explaining their right to require consent and the types of disclosures the agency is authorized to make under state and federal law.

• Requires consumer reporting agencies to develop procedures allowing consumers affected by security breaches (occurring after January 1, 2017) to request free of charge: turnover of their complete file and reports, purging of all information from physical and electronic records, and cessation of recording or retaining any consumer-related information.

• Exempts publicly available information from purging requirements and allows agencies to develop procedures for handling third-party requests for credit scoring or creditworthiness information from consumers who have requested their file be turned over.

• Takes effect 90 days after final adjournment of the general assembly (August 8, 2018) unless subject to referendum petition, in which case it requires voter approval at the November 2018 general election.