[Federal Register Volume 62, Number 246 (Tuesday, December 23, 1997)]
[Notices]
[Page 67074]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-33438]
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FEDERAL TRADE COMMISSION
Charges for Certain Disclosures
AGENCY: Federal Trade Commission.
ACTION: Notice regarding charges for certain disclosures.
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SUMMARY: The Federal Trade Commission announces that the current
ceiling on allowable charges under Section 612(a) of the Fair Credit
Reporting Act (FCRA) will remain unchanged for 1998. Under recent
amendments to the FCRA, the Federal Trade Commission is required to
increase the $8.00 amount referred to in paragraph (1)(A)(i) of Section
612(a) on January 1 of each year, based proportionally on changes in
the Consumer Price Index, with fractional changes rounded to the
nearest fifty cents. Since the FCRA amendments only took effect on
September 30, 1997, the modified amount shows no increase based on the
Consumer Price Index for the period in question, and remains at $8.00.
EFFECTIVE DATE: January 1, 1998.
ADDRESSES: Federal Trade Commission, Washington, DC 20580.
FOR FURTHER INFORMATION CONTACT:
Lisa Marie Daniel, Bureau of Economics, Federal Trade Commission,
Washington, DC 20580, 202-326-3394.
SUPPLEMENTARY INFORMATION: The Fair Credit Reporting Act, originally
enacted in 1970,\1\ was extensively amended in 1996. Most of the
amendments to the law, including that which is discussed in this
notice, went into effect on September 30, 1997. Section 612(a)(1)(A)
states that, except as provided in certain subsections, a consumer
reporting agency may impose a reasonable charge on a consumer for
making a disclosure to the consumer pursuant to Section 609, which
charge shall not exceed $8 and shall be indicated to the consumer
before making the disclosure. Section 612(a)(2) goes on to state that
the Federal Trade Commission (``the Commission'') shall increase the
$8.00 amount referred to in paragraph (1)(A)(i) of Section 612(a) on
January 1 of each year, based proportionally on changes in the Consumer
Price Index (CPI), with fractional changes rounded to the nearest fifty
cents.
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\1\ 15 U.S.C. Sections 1681-1681u; Title VI of the Consumer
Credit Protection Act.
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The Commission considers the $8 amount referred to in paragraph
(1)(A)(i) of Section 612(a) to be the baseline for the effective
ceiling on reasonable charges dating from the time the amended FCRA
took effect, i.e., September 30, 1997. In November of each year, the
Commission will calculate the proportional increase in the Consumer
Price Index (using the most general CPI, which is for all urban
consumers, all items) for the twelve months dating from September 30th
of the previous year to September 30th of the current year. The
Commission will then determine what modification, if any, from the
original base of $8 should be made effective on January 1 of each
subsequent year, given the requirement that fractional changes be
rounded to the nearest fifty cents.
The Commission determines that there will be no modification from
the base of $8.00 for January 1, 1998, as the Act only went into effect
on September 30, 1997.
By direction of the Commission.
Donald S. Clark,
Secretary.
[FR Doc. 97-33438 Filed 12-22-97; 8:45 am]
BILLING CODE 6750-01-M
