15 U.S.C. § 1681w | Disposal of records

(a)

Regulations

(1)

In general

section 1681s of this titleThe Federal Trade Commission, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal banking agencies, and the National Credit Union Administration, with respect to the entities that are subject to their respective enforcement authority under , and in coordination as described in paragraph (2), shall issue final regulations requiring any person that maintains or otherwise possesses consumer information, or any compilation of consumer information, derived from consumer reports for a business purpose to properly dispose of any such information or compilation.

(2)

Coordination

Each agency required to prescribe regulations under paragraph (1) shall—

(A)

consult and coordinate with each other such agency so that, to the extent possible, the regulations prescribed by each such agency are consistent and comparable with the regulations by each such other agency; and

(B)

Public Law 106–102 ensure that such regulations are consistent with the requirements and regulations issued pursuant to and other provisions of Federal law.

(3)

Exemption authority

In issuing regulations under this section, the agencies identified in paragraph (1) may exempt any person or class of persons from application of those regulations, as such agency deems appropriate to carry out the purpose of this section.

(b)

Rule of construction

Nothing in this section shall be construed—

(1)

to require a person to maintain or destroy any record pertaining to a consumer that is not imposed under other law; or

(2)

to alter or affect any requirement imposed under any other provision of law to maintain or destroy such a record.

Pub. L. 90–321, title VI, § 628 Pub. L. 108–159, title II, § 216(a)Dec. 4, 2003117 Stat. 1985 Pub. L. 111–203, title X, § 1088(a)(12)July 21, 2010124 Stat. 2091(, as added , , ; amended , (13), , , 2092.)

Editorial Notes

References in Text

Public Law 106–102 Pub. L. 106–102Nov. 12, 1999113 Stat. 1338 section 1811 of Title 12, referred to in subsec. (a)(2)(B), is , , , known as the Gramm-Leach-Bliley Act. For complete classification of this Act to the Code, see Short Title of 1999 Amendment note set out under , Banks and Banking, and Tables.

Amendments

Pub. L. 111–203, § 1088(a)(12)section 1681s of this titleDecember 4, 2003section 1681s of this title2010—Subsec. (a)(1). , substituted “The Federal Trade Commission, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal banking agencies, and the National Credit Union Administration, with respect to the entities that are subject to their respective enforcement authority under ,” for “Not later than 1 year after , the Federal banking agencies, the National Credit Union Administration, and the Commission with respect to the entities that are subject to their respective enforcement authority under , and the Securities and Exchange Commission,”.

Pub. L. 111–203, § 1088(a)(13)Subsec. (a)(3). , substituted “the agencies identified in paragraph (1)” for “the Federal banking agencies, the National Credit Union Administration, the Commission, and the Securities and Exchange Commission”.

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Pub. L. 111–203 section 1100H of Pub. L. 111–203 section 552a of Title 5Amendment by effective on the designated transfer date, see , set out as a note under , Government Organization and Employees.

Effective Date

section 3 of Pub. L. 108–159 section 1681 of this titleSection subject to joint regulations establishing effective dates as prescribed by Federal Reserve Board and Federal Trade Commission, except as otherwise provided, see , set out as an Effective Date of 2003 Amendment note under .