The bill mandates consumer reporting agencies using algorithms to evaluate credit information to meet specific requirements and implement training and whistleblower protections.
If you operate a consumer reporting agency in Maryland, you must comply with algorithm assessment requirements and training mandates by the effective date or face penalties.
What do these statuses mean? ▼
Affected Industries
What This Means
HB1477 aims to regulate the use of algorithmic systems by consumer reporting agencies in Maryland. It requires these agencies to meet specific assessment thresholds for algorithms, ensure regular training for human reviewers, and implement a whistleblower protection program. This bill will impact how consumer credit information is processed and evaluated, emphasizing accountability and transparency in algorithmic decision-making.
Key Provisions
- Establishes assessment thresholds for algorithms used by consumer reporting agencies.
- Mandates regular training for human reviewers of algorithmic evaluations.
- Implements a whistleblower protection program for employees reporting unethical practices.
Latest Legislative Action
Hearing canceled
Bill Sponsors
| Name | Role | District |
|---|---|---|
| Terri Hill D | Sponsor | HD-012 |
Compliance Checklist
Who: Consumer reporting agencies
Penalty: Potential penalties for non-compliance
Who: Consumer reporting agencies
Penalty: Potential penalties for non-compliance
Who: Consumer reporting agencies
Penalty: Potential penalties for non-compliance
Related & Companion Bills
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Affected Industries
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