46th legislature - STATE OF NEW MEXICO - first session, 2003

RELATING TO COMMERCIAL TRANSACTIONS; REQUIRING CREDIT BUREAUS TO PROVIDE A CONSUMER CREDIT REPORT TO THE CONSUMER AT NO CHARGE ONCE A YEAR; AMENDING A SECTION OF THE NMSA 1978.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 56-3-2 NMSA 1978 (being Laws 1969, Chapter 259, Section 2, as amended) is amended to read:

"56-3-2. AVAILABILITY OF INFORMATION TO THE PUBLIC--LIABILITY.--

A. [Any] A credit bureau conducting business in the state shall provide trained personnel to interview and counsel [with] a consumer, during normal business hours, concerning any information about that consumer contained in the credit bureau's files.

B. A credit bureau, upon request, shall disclose the content of all information about that particular consumer [which] that is included in [his] the consumer's credit report or rating if the consumer making the request presents adequate identification. Once each year, upon written request by a consumer, a credit bureau will provide a copy of the consumer's credit report to the consumer at no cost to the consumer.

C. For [any] a consumer to whom credit has been refused because of a credit bureau's report, the credit bureau [which] that compiled the report shall make any necessary reinvestigation and perform any necessary updating or correction of records at no cost to the consumer. A credit bureau may charge a fee [of] not to exceed five dollars ($5.00) for [any] a reinvestigation requested by [any] a consumer if that consumer has not been refused credit on the basis of a credit bureau report.

D. After a credit bureau has been given written notice of [any] an error in [its] a consumer's credit report or record by [a] the consumer, the credit bureau is liable for any subsequent report [which] that fails to correct the error. However, prior to receiving written notice of [such] an error, a credit bureau or its source of information is not liable for [any] damages caused by [any] reports or dispersal of information [which] that is the result of an unintentional error of either the credit bureau or its source of information.

E. A credit bureau shall give to [any] a consumer examining his credit record forms upon which to designate any errors [which] that the consumer discovers in his credit record or report."

Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2003.