SB 112-28: Credit Act (Passed)

[Mr. Reactionary]

Credit Act of 2022

1. As used in this act:

A. Consumer credit report means any written, oral, or other communication of any information by a consumer reporting agency bearing on a consumer’s credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living which is used or expected to be used or collected in whole or in part for the purpose of serving as a factor in establishing the consumer’s eligibility for credit or insurance to be used primarily for personal, family, or household purposes, employment purposes, or any other purpose authorized by law.

B. Consumer reporting agency means any person which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer credit reports to third parties.

C. Person shall include but not be limited to banks, credit unions, financial institutions, State or local governments, and business entities when such person is providing financing for any transaction that is to occur or substantially occur in Atlasia, or that is secured by property located in Atlasia, or that is financing an activity, enterprise, or venture that is to occur or substantially occur in Atlasia.

2. No consumer reporting agency operating in Atlasia shall make and transmit to any person, any consumer credit report containing any of the following items of information:

A. Civil suits and civil judgments that, from date of entry, predate the report itself by more than five years.

B. Paid tax liens which, from date of payment, predate the report by more than 5 years.

C. Accounts placed for collection or charged to profit and loss which predate the report by more than 5 years.

D. Any other adverse item of information, other than records of convictions of crimes which predates the report by more than five 5 years.

The five 5 year period referred to herein shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit.

3. The provisions of this act are not applicable in the case of any consumer credit report to be used in connection with:

A. a credit transaction involving, or which may reasonably be expected to involve, a principal amount of $200,000 or more;

B. the underwriting of life insurance involving, or which may reasonably be expected to involve, a face amount of $200,000 or more; or

C. the employment of any individual at an annual salary which equals, or which may reasonably be expected to equal $100,000 or more.

4. Any provision herein found to be unconstitutional by a court of proper jurisdiction shall be severable from the remainder of this act.

5. This act shall take effect January 1, 2023.

Sponsor: UNL
Debate on this bill is now open.

[Mr. Reactionary]

I like this bill UNL. It looks like it shortens the amount of time certain things show up on credit reports from 7-10 years to 5 years to help debtors rebuild their credit quicker. This is important given the likely tightening of credit due to inflation.

[Mr. Reactionary]

I move for a final vote. 24 hours to object.

[Mr. Reactionary]

A final vote is now open on this bill lasting until noon on Monday eastern or until everyone has voted, whichever occurs soonest. Please vote Aye, Nay, or Abstain.

Credit Act of 2022

1. As used in this act:

A. Consumer credit report means any written, oral, or other communication of any information by a consumer reporting agency bearing on a consumer’s credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living which is used or expected to be used or collected in whole or in part for the purpose of serving as a factor in establishing the consumer’s eligibility for credit or insurance to be used primarily for personal, family, or household purposes, employment purposes, or any other purpose authorized by law.

B. Consumer reporting agency means any person which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer credit reports to third parties.

C. Person shall include but not be limited to banks, credit unions, financial institutions, State or local governments, and business entities when such person is providing financing for any transaction that is to occur or substantially occur in Atlasia, or that is secured by property located in Atlasia, or that is financing an activity, enterprise, or venture that is to occur or substantially occur in Atlasia.

2. No consumer reporting agency operating in Atlasia shall make and transmit to any person, any consumer credit report containing any of the following items of information:

A. Civil suits and civil judgments that, from date of entry, predate the report itself by more than five years.

B. Paid tax liens which, from date of payment, predate the report by more than 5 years.

C. Accounts placed for collection or charged to profit and loss which predate the report by more than 5 years.

D. Any other adverse item of information, other than records of convictions of crimes which predates the report by more than five 5 years.

The five 5 year period referred to herein shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit.

3. The provisions of this act are not applicable in the case of any consumer credit report to be used in connection with:

A. a credit transaction involving, or which may reasonably be expected to involve, a principal amount of $200,000 or more;

B. the underwriting of life insurance involving, or which may reasonably be expected to involve, a face amount of $200,000 or more; or

C. the employment of any individual at an annual salary which equals, or which may reasonably be expected to equal $100,000 or more.

4. Any provision herein found to be unconstitutional by a court of proper jurisdiction shall be severable from the remainder of this act.

5. This act shall take effect January 1, 2023.

[Mr. Reactionary]

Aye

[Deep Dixieland Senator, Muad'dib (OSR MSR)]

Aye

[West_Midlander]

Aye

[Senator-elect Spark]

Aye

[KoopaDaQuick 🇵🇸]

Aye

[OSR stands with Israel]

Aye

[Saint Milei]

Aye

[Southern Senator North Carolina Yankee]

Aye

[Utah Neolib]

Aye

[SevenEleven]

Abstain.

[Mr. Reactionary]

Bill passes 9-0-1-8.

[Mr. Reactionary]

Credit Act of 2022

1. As used in this act:

A. Consumer credit report means any written, oral, or other communication of any information by a consumer reporting agency bearing on a consumer’s credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living which is used or expected to be used or collected in whole or in part for the purpose of serving as a factor in establishing the consumer’s eligibility for credit or insurance to be used primarily for personal, family, or household purposes, employment purposes, or any other purpose authorized by law.

B. Consumer reporting agency means any person which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer credit reports to third parties.

C. Person shall include but not be limited to banks, credit unions, financial institutions, State or local governments, and business entities when such person is providing financing for any transaction that is to occur or substantially occur in Atlasia, or that is secured by property located in Atlasia, or that is financing an activity, enterprise, or venture that is to occur or substantially occur in Atlasia.

2. No consumer reporting agency operating in Atlasia shall make and transmit to any person, any consumer credit report containing any of the following items of information:

A. Civil suits and civil judgments that, from date of entry, predate the report itself by more than five years.

B. Paid tax liens which, from date of payment, predate the report by more than 5 years.

C. Accounts placed for collection or charged to profit and loss which predate the report by more than 5 years.

D. Any other adverse item of information, other than records of convictions of crimes which predates the report by more than five 5 years.

The five 5 year period referred to herein shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit.

3. The provisions of this act are not applicable in the case of any consumer credit report to be used in connection with:

A. a credit transaction involving, or which may reasonably be expected to involve, a principal amount of $200,000 or more;

B. the underwriting of life insurance involving, or which may reasonably be expected to involve, a face amount of $200,000 or more; or

C. the employment of any individual at an annual salary which equals, or which may reasonably be expected to equal $100,000 or more.

4. Any provision herein found to be unconstitutional by a court of proper jurisdiction shall be severable from the remainder of this act.

5. This act shall take effect January 1, 2023.

Passed 9-0-1-8 in the Atlasian Senate Assembled.

- R, PPT