Section 1. Section 57-22-8 is enacted to read:57-22-8. Renter credit reporting.(1)As used in this section:(a)"Nationwide consumer reporting agency" means the same as the term "consumer reporting agency that compiles and maintains files on consumers on a nationwide basis" is defined in 15 U.S.C. Sec. 1681a(p).(b)"Offer of rent reporting" means a written statement that states:(i)the owner reporting the renter's rent payments is optional;(ii)the nationwide consumer reporting agency to which the owner will report the renter's rent payments;(iii)if the owner will charge the renter in accordance with Subsection (3), the dollar amount of the fee;(iv)that a renter may enroll and unenroll in rent reporting at any time during the duration of the rental agreement;(v)instructions on how the renter may enroll and unenroll in rent reporting; and (vi)if the renter opts out of rent reporting or fails to pay the fee described in Subsection (3), that the renter may not reenroll in rent reporting for six months after the day on which the renter opts out or fails to pay the fee.(c)"Rent reporting" means a service an owner offers in which a renter may enroll where an owner reports each rent payment that a renter makes to a nationwide consumer reporting agency, regardless of whether that rent payment complies with the terms of the rental agreement.(2)On or after May 6, 2026, at the time an owner enters into a rental agreement with a renter, the owner may provide the renter an offer of rent reporting.(3)An owner may charge a fee for reporting a renter's rent payment that may not exceed the owner's actual cost of reporting a renter's rent payment.(4)If a renter fails to pay the fee described in Subsection (3):(a)an owner:(i)may stop reporting the renter's rent payments; and(ii)may not:(A)impose a fee for failing to pay the fee described in Subsection (3);(B)treat the renter's failure to pay the fee described in Subsection (3) as a violation of the rental agreement; or(C)treat the renter's failure to pay the fee described in Subsection (3) as grounds for evicting the renter.(b)if the owner stops reporting the renter's rent payments in accordance with Subsection (4)(a)(i), the renter may not reenroll in rent reporting for at least six months after the day on which the renter fails to pay the fee described in Subsection (3).(5)(a)A renter may:(i)subject to Subsections (4)(b) and (5)(b)(i), enroll and reenroll in rent reporting at any time during the duration of the rental agreement; and(ii)unenroll in rent reporting at any time during the duration of the rental agreement by submitting a written statement to the owner that states the renter opts out of rent reporting.(b)If a renter opts out of rent reporting in accordance with this Subsection (5):(i)the renter may not reenroll in rent reporting for six months after the day on which the renter opts out; and(ii)the owner may not report a rent payment the renter makes after the renter unenrolls from rent reporting unless the renter reenrolls in rent reporting.(6)The provisions of this section apply only to:(a)an entity that is an owner that owns one or more residential rental units; or(b)an individual that is an owner that owns 16 or more residential rental units.