FCRA Liability Harmonization Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the FCRA Liability Harmonization Act, amends the Fair Credit Reporting Act to standardize the liability for violations. Specifically, it adjusts the potential damages in class action lawsuits brought against individuals who willfully or negligently fail to comply with FCRA requirements. The bill limits the maximum damages a class can receive in these cases, capping them at $500,000 or 1% of the violator’s net worth, depending on the circumstances.
Key provisions
- Increases the maximum damages for willful noncompliance in class action lawsuits to $500,000 or 40% of the violator’s net worth.
- Limits the total recovery in class actions to $500,000 or 1% of the violator’s net worth.
- Establishes a maximum amount for the costs of the action and attorney’s fees in class actions, capped at $100,000 or 40% of any damages awarded.
- Modifies the calculation of damages in negligent noncompliance cases.
- Specifies that courts cannot apply a minimum amount of damages for each class member.
- Sets limits on the total recovery, excluding attorney’s fees.
- Addresses class action lawsuits specifically related to FCRA violations.
- Clarifies the calculation of damages in class actions.
Who is affected
- Consumers
- Fair Credit Reporting Agencies
- Individuals subject to FCRA requirements
- Legal professionals (attorneys)
Bill text
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Sponsors
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8 on record
Primary sponsor
Cosponsors
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