MI SB0174

Requires consumer reporting agencies to place security freezes on consumer credit reports upon request, with placement within 5 business days after receiving a valid request with proper identification and applicable fees.

Allows consumers to temporarily lift security freezes for specific persons or time periods within 3 business days (or 15 minutes for online/phone/email requests), and to permanently remove freezes within 3 business days upon request.

Establishes security freeze protections for minors under 16 and incapacitated persons through representatives, with placement required within 30 days and removal within 30 days of valid requests.

Caps fees at $10 for placement, temporary lifting, or removal of security freezes, with fees waived if consumer provides police report of identity theft or if request concerns protected consumer under 16 with existing credit report.

Exempts from security freeze requirements certain entities including creditors with existing relationships, persons acting under court order, government agencies, insurance companies, and specialized consumer reporting agencies focusing on criminal records, employment, or tenant screening.