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09.03.07.00.htm 09.03.07.00. Title 09 MARYLAND DEPARTMENT OF LABOR Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION Chapter 07 Credit Reporting Agencies Authority: Business Regulation Article, §2-105; Commercial Law Article, §14-1216(b) and (e) 14-1217(b)9) and (10) and (d) 14-1218(e) and 14-1226(f) and (g) Financial Institutions Article, §2-105.1(b) and (c) Annotated Code of Maryland
09.03.07.01.htm 09.03.07.01. 01 Scope.. This chapter governs certain registration requirements and business operations of consumer reporting agencies who collect credit information and furnish consumer reports on residents of this State. The provisions of this chapter are to promote accuracy in consumer reports.
09.03.07.02.htm 09.03.07.02. 02 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) “Breach of the security of a system” has the meaning stated in Commercial Law Article, §14-3504, Annotated Code of Maryland.2) “Business customer” means a person who supplies to a consumer reporting agency information for inclusion in a consumer report.3) “Collection agency” has the meaning stated in Business Regulation Article, §7-101, Annotated Code4) “Commissioner” has the
09.03.07.03.htm 09.03.07.03. 03 Annual Registration.. A. During the time period established by the Commissioner under §B of this regulation, each consumer reporting agency shall:1) Obtain and maintain a valid unique identifier issued by NMLS when an account is created with NMLS; and2) Transfer registration information to NMLS.. B. The Commissioner shall establish a time period that is not less than 2 months after the effective date of these regulations within which a registrant must transfer registra
09.03.07.04.htm 09.03.07.04. 04 Bond.. A. The amount of a consumer reporting agency surety bond shall be determined as follows based on the number of consumer reports that the consumer reporting agency assembled, evaluated, or sold during the prior calendar year:1) Less than or equal to 10 percent of the total population of Maryland as published by the United States Census Bureau and listed on the Commissioner’s website shall file through NMLS a $100,000 bond;2) More than 10 percent but less than or equal to
09.03.07.05.htm 09.03.07.05. 05 Operational Procedures.. A. A consumer reporting agency shall devise procedures to identify inaccurate information in consumer credit information submitted to it by a person who furnishes information to a consumer reporting agency.B. As a part of the procedures required in §A of this regulation, a consumer reporting agency:. 1) Shall comply with 15 U.S.C. §1681i;. 2) May not include in a consumer’s file any loan, regardless of the date of the loan, that has been
09.03.07.06.htm 09.03.07.06. 06 Permissible Purposes of Consumer Reports.. A. If the Commissioner finds that a person is in the business of making loans that are usurious or otherwise void or unenforceable under Maryland law or can use information in credit reports in connection with the making of loans that are usurious or otherwise void or unenforceable under Maryland law, and issues a written order to a consumer reporting agency not to furnish credit reports to that person, the consumer repor
09.03.07.07.htm 09.03.07.07. 07 Current Listing of Consumer Reporting Agencies.. The Commissioner shall make available to the public a current listing of the names, addresses, and telephone numbers of registered consumer reporting agencies through the NMLS Consumer Access portal.
09.03.07.9999.htm 09.03.07.9999. Administrative History Effective date: June 6, 1994 (21:11 Md. R. 950). Chapter recodified from COMAR 09.04.07 to COMAR 09.03.07, April, 1998 ―. Chapter revised effective October 19, 2020 (47:21 Md. R. 903).
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