This bill mandates consumer reporting agencies using algorithms for assembling or evaluating consumer credit information to meet specific requirements, including regular training for human reviewers, with thresholds set by the Commissioner of Financial Regulation. It also requires the Commissioner to implement a whistleblower protection program.
If you operate a consumer reporting agency, you must ensure algorithmic systems meet new training and compliance standards by July 2024 or face penalties.
What do these statuses mean? ▼
Affected Industries
What This Means
HB1399 aims to regulate consumer reporting agencies that employ algorithmic systems for assembling or evaluating consumer credit information for furnishing reports to third parties. It requires these agencies to adhere to assessment thresholds established by the Commissioner and mandates regular training for human reviewers and a whistleblower protection program required by the Commissioner.
Key Provisions
- Establishes certain assessment thresholds for algorithms used by consumer reporting agencies, set by the Commissioner of Financial Regulation.
- Mandates regular training for human reviewers of algorithmic systems.
- Requires the Commissioner of Financial Regulation to implement a whistleblower protection program for reporting unethical practices.
Latest Legislative Action
Hearing 3/10 at 1:00 p.m.
Bill Sponsors (showing 5 of 50)
| Name | Role |
|---|---|
| Adams | Primary |
| Arikan | Primary |
| Bartlett | Primary |
| Chisholm | Primary |
| Fisher | Primary |
Compliance Checklist
Who: Consumer reporting agencies
Deadline: Not specified
Who: Consumer reporting agencies
Deadline: Not specified
Who: Consumer reporting agencies
Deadline: Not specified
Related & Companion Bills
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Affected Industries
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