20 CSR 1140-6.059 - Credit Bureaus

20 CSR 1140-6.059. Credit Bureaus

PURPOSE: The comptroller of the currency has authorized national banks to operate credit bureaus. To the extent that state-chartered banks are not permitted to engage in the same activity, they are at a competitive disadvantage. This rule authorized state-chartered banks to operate credit bureaus.

State-chartered banks, either directly or through a subsidiary, may maintain files on the past credit history of consumers and provide that information to third parties under circumstances permitted by the Fair Credit Reporting Act ( 15 USC 1681 b.)

(AUTHORITY: sections 361.105 and 362.105.3, RSMo 1986.* This rule originally filed as 4 CSR 140-6.059. Original rule filed Jan. 5, 1987, effective April 1, 1987. Moved to 20 CSR 1140-6.059, effective Aug. 28, 2006.)

The secretary of state has determined that the publication of this rule in its entirety would be unduly cumbersome or expensive. The entire text of the material referenced has been filed with the secretary of state. This material may be found at the Office of the Secretary of State or at the headquarters of the agency and is available to any interested person at a cost established by state law.

*Original authority: 361.105, RSMo 1967; and 362.105.3, RSMo 1939, amended 1949, 1963, 1965, 1967, 1977, 1983, 1986.

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