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7 LONG TITLE
8 General Description:
9 This bill amends the Credit Services Organizations Act.
10 Highlighted Provisions:
11 This bill:
12 ▸ requires consumer credit services organizations to disclose certain information
13 when providing a credit report to a buyer; and
14 ▸ defines terms.
15 Money Appropriated in this Bill:
16 None
17 Other Special Clauses:
18 None
19 Utah Code Sections Affected:
20 ENACTS:
21 13-21-7.5, Utah Code Annotated 1953
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23 Be it enacted by the Legislature of the state of Utah:
24 Section 1. Section 13-21-7.5 is enacted to read:
25 13-21-7.5. Required disclosures.
26 (1) As used in this section:
27 (a) "Consumer reporting agency" means the same as that term is defined in Section
28 13-45-102.
29 (b) "Credit report" means the same as that term is defined in Section 13-45-102.
30 (c) "Credit score" means the same as that term is defined in Section 31A-22-320.
31 (2) When a consumer credit services organization provides a credit report to a buyer,
32 the credit services organization shall provide to the buyer a written disclosure that identifies:
33 (a) the consumer reporting agency providing the information in the report;
34 (b) the credit score model used to calculate the credit score;
35 (c) the developer of the credit score model;
36 (d) the lenders that utilize the credit score or credit report, including:
37 (i) mortgage lenders;
38 (ii) auto lenders;
39 (iii) credit card companies; or
40 (iv) other consumer lenders; and
41 (e) the minimum and maximum scores under the credit score model used in the credit
42 report.