Consumer Credit Reporting Agencies Act: escrow agent rating services and escrow agents.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Enrolled
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill aims to permanently extend protections for consumers related to escrow agent rating services under California’s Consumer Credit Reporting Agencies Act. Currently, these protections were set to expire on January 1, 2027. The bill ensures that consumer credit reporting agencies, users of credit reports, and furnishers of credit information continue to be subject to regulations concerning escrow agent rating services. It maintains the requirements for safeguarding personally identifiable information and designates escrow agents as consumers for the purposes of these regulations.
Key provisions
- Extends the application of Section 1785.28.6 of the Civil Code indefinitely.
- Requires escrow agent rating services to establish policies and procedures for protecting personal information.
- Designates escrow agents as consumers under the Consumer Credit Reporting Agencies Act.
- Maintains regulations regarding the handling of personally identifiable information obtained from escrow agents.
Who is affected
- Consumer credit reporting agencies
- Users of consumer credit reports
- Furnishers of credit information
- Escrow agents
- Escrow agent rating services
Notable changes
- Reverses the previous expiration date of protections for escrow agent rating services.
- Eliminates the planned repeal of Section 1785.28.6 of the Civil Code.
Bill text
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Sponsors
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1 on record
Primary sponsor
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