South Dakota Codified Laws 54-15-12. Use of credit report by certain persons and entities not subject to chapter
This chapter does not apply to the use of a consumer credit report by any of the following:
(1) A person, or a subsidiary, affiliate, or agent of that person, or an assignee of a financial obligation owed by the consumer to that person or entity, or a prospective assignee of a financial obligation owed by the consumer to that person in conjunction with the proposed purchase of the financial obligation, with which the consumer has or had prior to assignment an account or contract, including a demand deposit account, or to whom the consumer issued a negotiable instrument for the purposes of reviewing the account or collecting the financial obligation owed for the account, contract, or negotiable instrument. The term, reviewing the account, includes activities related to account maintenance, monitoring, credit line increases, and account upgrades and enhancements;
Terms Used In South Dakota Codified Laws 54-15-12
- Contract: A legal written agreement that becomes binding when signed.
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Subpoena: A command to a witness to appear and give testimony.
(2) A subsidiary, affiliate, agent, assignee, or prospective assignee of a person to whom access has been granted under § 54-15-6 for purposes of facilitating the extension of credit or other permissible use;
(3) Any federal, state, or local entity, including a law enforcement agency or court;
(4) A private collection agency acting under a court order, warrant, or subpoena;
(5) A child support agency acting under Title IV-D of the Social Security Act (42 U.S.C. et seq.);
(6) The Department of Social Services acting to fulfill any of its statutory responsibilities;
(7) The Internal Revenue Service acting to investigate or collect delinquent taxes or unpaid court orders or to fulfill any of its other statutory responsibilities;
(8) The use of credit information for the purposes of prescreening as provided for by the federal Fair Credit Reporting Act;
(9) Any person or entity administering a credit file monitoring subscription service to which the consumer has subscribed;
(10) Any person or entity for the purpose of providing a consumer with a copy of the consumer’s credit report upon the consumer’s request; and
(11) Any person or entity for use in setting or adjusting a rate, adjusting a claim, or underwriting for insurance purposes.
Source: SL 2006, ch 246, § 12.