PROHIBIT SECURITY FREEZE FEES

House Bill 5094 as introduced

Sponsor:  Rep. Joseph N. Bellino, Jr.

Committee:  Financial Services

Complete to 10-24-17

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.

                                                                                        Legislative Analyst:   E. Best

                                                                                                Fiscal Analyst:   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.