Bill > SB584

This bill introduces new consumer credit protections by requiring businesses to obtain explicit, signed consent before pulling a consumer's credit report for credit or insurance transactions. Beginning January 1, 2026, any person or entity seeking a consumer report that will affect a consumer's credit score must first secure a signed disclosure form from the consumer. The Department of Consumer Credit will develop and make available an online form prescribed by the Commission on Consumer Credit, which must include: identifying information about the entity requesting the report and the reason for the request, a section for the consumer's name and signature consenting to the report, and a disclosure statement explaining what the consumer report entails and how it will impact the consumer's credit score. The bill adopts definitions from federal law (15 U.S.C.) for key terms like "consumer," "consumer report," and "consumer reporting agency," and notably excludes employment-related credit reports from these requirements. The act will become effective on November 1, 2025, giving businesses and agencies time to prepare for the new consent requirements.

Business and Industry

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb584&Session=2600