0001|                           SENATE BILL 309
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0002|     43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
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0003|                            INTRODUCED BY
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0004|                           MARK L. BOITANO
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0005|     
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0006|                                   
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0007|     
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0008|                                   
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO CREDIT BUREAUS; REQUIRING CREDIT BUREAUS TO
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0012|     IMPLEMENT CREDIT REPORT CORRECTIONS WITHIN A SPECIFIC TIME;
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0013|     AUTHORIZING A CIVIL FINE FOR NONCOMPLIANCE; AMENDING SECTIONS
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0014|     OF THE NMSA 1978. 
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  Section 56-3-2 NMSA 1978 (being Laws 1969,
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0018|     Chapter 259, Section 2, as amended) is amended to read:
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0019|          "56-3-2.  AVAILABILITY OF INFORMATION TO THE PUBLIC--
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0020|     LIABILITY.--
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0021|               A.  Any credit bureau conducting business in the
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0022|     state shall provide trained personnel to interview and counsel
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0023|     with a consumer, during normal business hours, concerning any
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0024|     information about that consumer contained in the credit
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0025|     bureau's files.
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0001|               B.  A credit bureau, upon request, shall disclose
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0002|     the content of all information about that particular consumer
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0003|     <s>[which]</s> <u>that</u> is included in his credit report or rating if
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0004|     the consumer making the request presents adequate
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0005|     identification.
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0006|               C.  For any consumer to whom credit has been
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0007|     refused because of a credit bureau's report, the <u>reporting</u>
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0008|     credit bureau <s>[which compiled the report]</s> shall make any
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0009|     necessary re-investigation and perform any necessary updating
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0010|     or correction of records at no cost to the consumer.  A credit
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0011|     bureau may charge a fee <s>[of]</s> not to exceed five dollars
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0012|     ($5.00) for any re-investigation requested by <s>[any]</s> <u>a</u>
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0013|     consumer if that consumer has not been refused credit on the
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0014|     basis of a credit bureau report.
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0015|               D.  After a credit bureau has been given written
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0016|     notice of any error in its credit report or record by a
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0017|     consumer, the credit bureau <s>[is liable for any subsequent
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<s></s>0018| <s>    report which fails to correct the error]</s> <u>shall correct that
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<u></u>0019| <u>    error within fifteen days of the written notice</u>.  However,
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0020|     prior to receiving written notice of such error, a credit
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0021|     bureau or its source of information is not liable for any

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0022|     damages caused by any reports or dispersal of information
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0023|     <s>[which]</s> <u>that</u> is the result of an unintentional error of
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0024|     either the credit bureau or its source of information.  <u>A
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<u></u>0025| <u>    credit bureau shall be subject to a fine in the amount of
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<u></u>0001| <u>    fifty dollars ($50.00) for each month after that fifteen-day
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<u></u>0002| <u>    period that the error is not corrected, as provided in
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<u></u>0003| <u>    Subsection B of Section 56-3-7 NMSA 1978.</u>
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0004|               E.  A credit bureau shall give to any consumer
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0005|     examining his credit record forms upon which to designate any
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0006|     errors <s>[which]</s> <u>that</u> the consumer discovers in his credit
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0007|     record or report."
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0008|          Section 2.  Section 56-3-7 NMSA 1978 (being Laws 1971,
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0009|     Chapter 278, Section 2) is amended to read:
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0010|          "56-3-7.  CIVIL LIABILITY FOR NONCOMPLIANCE.--
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0011|               A.  Any credit bureau or user of information that
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0012|     willfully fails to comply with any requirement of Sections
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0013|     <s>[50-18-1 through 50-18-6 NMSA 1953]</s> <u>56-3-1 through 56-3-6
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<u></u>0014| <u>    NMSA 1978</u> with respect to any consumer is liable to that
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0015|     consumer in an amount equal to:
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0016|                    (1)  any actual damages sustained by the
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0017|     consumer as a result of the failure;
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0018|                    (2)  punitive damages as the court may allow;
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0019|     and
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0020|                    (3)  in the case of any successful action
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0021|     under this section, costs of the action and reasonable
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0022|     <s>[attorney's]</s> <u>attorney</u> fees as determined by the court.
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0023|               B.  Any credit bureau or user of information <s>[that
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<s></s>0024| <s>    is negligent in failing]</s> <u>who fails</u> to comply with any
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0025|     requirement of Sections <s>[50-18-1 through 50-18-6 NMSA 1953]</s>
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0001|     <u>56-3-1 through 56-3-6 NMSA 1978</u> with respect to any consumer
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0002|     is liable to that consumer in an amount equal to:
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0003|                    (1)  any actual damages sustained by the
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0004|     consumer as a result of the failure; <s>[and]</s>
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0005|                    (2)  in the case of any successful action
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0006|     under this section, costs of the action and reasonable
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0007|     <s>[attorney's]</s> <u>attorney</u> fees as determined by the court;
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0008|     <u>and
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<u></u>0009| <u>              </u>    (3)  a fine in the amount of fifty dollars
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0010|     ($50.00) for each month after a credit bureau has received
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0011|     written notice of an error on a consumer's credit report, but
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0012|     has failed to correct that report."
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0013|                                   
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