New Jersey Statutes 56:11-29. Findings, declarations relative to consumer credit reports
Terms Used In New Jersey Statutes 56:11-29
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
a. Recent amendments to the federal “Fair Credit Reporting Act,” enacted as the “Consumer Credit Reporting Reform Act of 1996,” (Subtitle D, Chapter 1, Pub.L.104-208), add important new substantive provisions, some of which strengthen the federal law and its enforcement.
b. Among these amendments is subsection (c) added to the enforcement section, 15 U.S.C. § 1681s, which specifically provides that a state can take action to enjoin a person from violating the provisions of the federal “Fair Credit Reporting Act” and to recover damages for residents of the state for such violations.
c. The designation of a specific agency of the State to have enforcement authority and to be a source of information for consumers about their rights under the federal law and this act will increase the confidence of consumers in the State that credit reporting problems will be vigorously investigated and that persons violating the federal law and the provisions of this act will be prosecuted;
d. While the amendments to the federal “Fair Credit Reporting Act” contained in the “Consumer Credit Reporting Reform Act of 1996” specifically preempt states from establishing requirements or prohibitions with respect to the provisions of certain sections of the federal “Fair Credit Reporting Act,” the provisions of the other sections of that act are left subject to actions by states as long as the provisions enacted in state law are not inconsistent with federal law;
e. The purpose of this act therefore is to provide additional consumer protection with respect to consumer credit reports and credit reporting agencies consistent with the provisions of the”Federal Fair Credit Reporting Act.”
L.1997,c.172,s.2.