§ 2503. Security freeze
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 73 P.S. Trade and CommerceEffective: January 1, 2007
Effective: January 1, 2007
73 P.S. § 2503
§ 2503. Security freeze
(i) A credit reporting agency that acts only as a reseller of credit information by assembling and merging information contained in the database of another credit reporting agency or multiple credit reporting agencies and does not maintain a permanent database of credit information from which new credit reports are produced; however, a credit reporting agency acting as a reseller shall honor any security freeze placed on a credit report by another credit reporting agency.
(iii) A deposit account information service company which issues reports regarding account closures due to fraud, substantial overdrafts, automated teller machine (ATM) abuse or similar negative information regarding a consumer to inquiring banks or other financial institutions for use only in reviewing a consumer request for a deposit account at the inquiring bank or financial institution.
(b) Effect of security freeze.--Except as provided in subsection (e), when a security freeze is in place, information from a consumer report shall not be released to a third party without prior express authorization from the consumer. This subsection shall not prevent a consumer reporting agency from advising a third party that a security freeze is in effect with respect to a consumer report.
(c) Third-party request.--If a third party requests access to a consumer report on which a security freeze is in effect and the consumer does not allow his or her consumer report to be accessed for that specific party or for a period of time, the third party shall treat the application as incomplete.
(d) Duration of freeze.--A security freeze shall remain in place until the earlier of the date the consumer reporting agency receives a request from the consumer to remove the security freeze or until seven years from the date that the security freeze was put in place by the consumer reporting agency.
(3) A person or entity or a subsidiary, affiliate or agent of that person or entity, or an assignee of a financial obligation owed by the consumer to that person or entity, or a prospective assignee of a financial obligation owed by the consumer to that person or entity in conjunction with the proposed purchase of the financial obligation, with which the consumer has or had prior to assignment an account or contract, including a demand deposit account, or to whom the consumer issued a negotiable instrument, for the purposes of reviewing the account or collecting the financial obligation owing for the account, contract or negotiable instrument. For purposes of this paragraph, “reviewing the account” includes activities related to account maintenance, monitoring, credit line increases and account upgrades and enhancements.
(8) A consumer reporting agency that acts only as a reseller of credit information by assembling and merging information contained in the database of another consumer reporting agency or multiple consumer reporting agencies and does not maintain a permanent database of credit information from which new consumer reports are produced. However, a consumer reporting agency acting as a reseller shall honor any security freeze placed on a consumer report by another consumer reporting agency.
(10) A deposit account information service company which issues reports regarding account closures due to fraud, substantial overdrafts, automated teller machine (ATM) abuse or similar negative information regarding a consumer to inquiring banks or other financial institutions for use only in reviewing a consumer request for a deposit account at the inquiring bank or financial institution.
Credits
2006, Nov. 29, P.L. 1463, No. 163, § 3, effective Jan. 1, 2007.
73 P.S. § 2503, PA ST 73 P.S. § 2503
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
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