Bill > SB240

This bill amends the Credit Reporting Disclosure Act of 1989 to modify the requirements for a notice of adverse action, which is typically a written communication informing a consumer that their application for credit, employment, or other services has been denied based on information in their credit report. Specifically, the bill removes the provision that previously required including the consumer's Social Security number in the adverse action notification. The revised law will now mandate that the written notice must contain three key pieces of information: a statement of the action taken, the name and address of the creditor, and the name and address of the consumer reporting agency that provided the credit report. By eliminating the Social Security number requirement, the bill appears to be enhancing consumer privacy protections by reducing the potential for sensitive personal information to be widely shared in adverse action notices. The bill was set to be approved on March 20, 2025, and applies to the state of Arkansas.

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https://arkleg.state.ar.us/Bills/Detail?id=sb240&ddBienniumSession=2025%2F2025R