PROHIBIT SECURITY FREEZE FEES
House Bill 5094 as reported from committee
Sponsor: Rep. Joseph N. Bellino, Jr.
Committee: Financial Services
Complete to 12-6-17 (Enacted as Public Act 76 of 2018)
SUMMARY:
House Bill 5094 would amend the Security Freeze Act to prohibit a consumer reporting agency from charging a fee for placing, temporarily lifting, or removing a security freeze on a consumer’s credit report.
Under current law, a consumer reporting agency is allowed to charge a fee of up to $10 to place, temporarily lift, or remove a credit report security freeze. The fee must be waived if the consumer has filed a police report alleging identity theft.
The bill would remove the statutory authorization for these fees and would prohibit consumer reporting agencies from charging them.
MCL 445.2521, et al.
FISCAL IMPACT:
House Bill 5094 would not have a fiscal impact on any units of state or local government.
POSITIONS:
The Michigan Credit Union League supports the bill. (10-25-17)
Consumer Data Industry Associates opposes the bill. (10-25-17)
Fiscal Analysts: Marcus Coffin
Ben Gielzcyk
■ This analysis was prepared by nonpartisan House Fiscal Agency staff for use by House members in their deliberations, and does not constitute an official statement of legislative intent.