| (1) |
As used in this section:
Terms Used In Utah Code 13-2-10- Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. Source: OCC
| (a) |
“Division” means the Division of Consumer Protection. |
| (b) |
“Financial institution” means the same as that term is defined in Section 7-1-103. |
| (c) |
“Social credit score” means the same as that term is defined in Section 63G-29-101. |
|
| (2) |
The division shall:
| (a) |
establish and operate a system to receive consumer reports regarding a financial institution’s or company’s use or creation of a social credit score; and |
| (b) |
before November 1 of each year, submit a written report to the Business and Labor Interim Committee that summarizes the reports received during the immediately preceding year that indicate a financial institution or company used a social credit score to discriminate against, advocate for, or cause adverse or preferential treatment of a person. |
|
| (3) |
The division may:
| (b) |
as appropriate, refer a consumer who provides a report through the system described in Subsection (2) to the Department of Financial Institutions or another agency for investigation of the report or other action. |
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Enacted by Chapter 76, 2023 General Session
