15 U.S.C. § 1681w — Disposal of records

Page 1622 TITLE 15—COMMERCE AND TRADE § 1681w 2004—Subsec. (e). Pub. L. 108–458 substituted ‘‘govern- ment agency’’ for ‘‘governmental agency’’. 2003—Subsec. (d). Pub. L. 108–159, § 214(c)(3), made technical amendment to reference in original act which appears in text as reference to section 1681u of this title. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2004 AMENDMENT Amendment by Pub. L. 108–458 effective as if included in Pub. L. 107–56, as of the date of enactment of such Act, see section 6205 of Pub. L. 108–458, set out as a note under section 1828 of Title 12, Banks and Banking. EFFECTIVE DATE OF 2003 AMENDMENT Amendment by Pub. L. 108–159 subject to joint regu- lations establishing effective dates as prescribed by Federal Reserve Board and Federal Trade Commission, except as otherwise provided, see section 3 of Pub. L. 108–159, set out as a note under section 1681 of this title. EFFECTIVE DATE Section applicable with respect to reports filed or records maintained on, before, or after Oct. 26, 2001, see section 358(h) of Pub. L. 107–56, set out as an Effective Date of 2001 Amendment note under section 1829b of this Title 12, Banks and Banking. § 1681w. Disposal of records (a) Regulations (1) In general The Federal Trade Commission, the Securi- ties and Exchange Commission, the Com- modity Futures Trading Commission, the Fed- eral banking agencies, and the National Credit Union Administration, with respect to the en- tities that are subject to their respective en- forcement authority under section 1681s of this title, and in coordination as described in para- graph (2), shall issue final regulations requir- ing any person that maintains or otherwise possesses consumer information, or any com- pilation of consumer information, derived from consumer reports for a business purpose to properly dispose of any such information or compilation. (2) Coordination Each agency required to prescribe regula- tions under paragraph (1) shall— (A) consult and coordinate with each other such agency so that, to the extent possible, the regulations prescribed by each such agency are consistent and comparable with the regulations by each such other agency; and (B) ensure that such regulations are con- sistent with the requirements and regula- tions issued pursuant to Public Law 106–102 and other provisions of Federal law. (3) Exemption authority In issuing regulations under this section, the agencies identified in paragraph (1) may ex- empt any person or class of persons from ap- plication of those regulations, as such agency deems appropriate to carry out the purpose of this section. (b) Rule of construction Nothing in this section shall be construed— (1) to require a person to maintain or de- stroy any record pertaining to a consumer that is not imposed under other law; or (2) to alter or affect any requirement im- posed under any other provision of law to maintain or destroy such a record. (Pub. L. 90–321, title VI, § 628, as added Pub. L. 108–159, title II, § 216(a), Dec. 4, 2003, 117 Stat. 1985; amended Pub. L. 111–203, title X, § 1088(a)(12), (13), July 21, 2010, 124 Stat. 2091, 2092.) Editorial Notes REFERENCES IN TEXT Public Law 106–102, referred to in subsec. (a)(2)(B), is Pub. L. 106–102, Nov. 12, 1999, 113 Stat. 1338, known as the Gramm-Leach-Bliley Act. For complete classifica- tion of this Act to the Code, see Short Title of 1999 Amendment note set out under section 1811 of Title 12, Banks and Banking, and Tables. AMENDMENTS 2010—Subsec. (a)(1). Pub. L. 111–203, § 1088(a)(12), sub- stituted ‘‘The Federal Trade Commission, the Securi- ties and Exchange Commission, the Commodity Fu- tures Trading Commission, the Federal banking agen- cies, and the National Credit Union Administration, with respect to the entities that are subject to their re- spective enforcement authority under section 1681s of this title,’’ for ‘‘Not later than 1 year after December 4, 2003, the Federal banking agencies, the National Credit Union Administration, and the Commission with respect to the entities that are subject to their respec- tive enforcement authority under section 1681s of this title, and the Securities and Exchange Commission,’’. Subsec. (a)(3). Pub. L. 111–203, § 1088(a)(13), substituted ‘‘the agencies identified in paragraph (1)’’ for ‘‘the Fed- eral banking agencies, the National Credit Union Ad- ministration, the Commission, and the Securities and Exchange Commission’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. EFFECTIVE DATE Section subject to joint regulations establishing ef- fective dates as prescribed by Federal Reserve Board and Federal Trade Commission, except as otherwise provided, see section 3 of Pub. L. 108–159, set out as an Effective Date of 2003 Amendment note under section 1681 of this title. § 1681x. Corporate and technological circumven- tion prohibited The Commission shall prescribe regulations, to become effective not later than 90 days after December 4, 2003, to prevent a consumer report- ing agency from circumventing or evading treat- ment as a consumer reporting agency described in section 1681a(p) of this title for purposes of this subchapter, including— (1) by means of a corporate reorganization or restructuring, including a merger, acquisition, dissolution, divestiture, or asset sale of a con- sumer reporting agency; or (2) by maintaining or merging public record and credit account information in a manner that is substantially equivalent to that de- scribed in paragraphs (1) and (2) of section 1681a(p) of this title, in the manner described in section 1681a(p) of this title.