Consumer Credit Lawbook - Missouri
STATE OF MISSOURICONSUMERCREDIT LAWSDIVISION OF FINANCE
TABLE OF CONTENTSChapter 301Chapter 361Chapter 364Chapter 365Chapter 367Chapter 381Chapter 385Chapter 400Chapter 407Chapter 408Chapter 425Chapter 443Chapter 451Chapter 570Chapter 574Registration and Licensing of Motor Vehicles . 1Division of Finance and Powers of Directorof Finance (Sale of Checks - Money Orders) . 3Retail Credit Financing Institutions . 7Premium Finance Companies . 9Motor Vehicle Time Sales . 13Pawnbrokers and Small Loans . 21Pawnbroker Loans . 22Small Loans . 30Loan Brokers . 34Title Loans . 35Title Insurance Law. 41Closing Real Estate Sale, Requirements for Settlement Agent . 41Credit Insurance . 43Uniform Commercial Code . 53Merchandise Practices . 59Credit Service Organizations. 59Credit Card Processing Services . 62Legal Tender and Interest. 67Legal Tender . 69Interest . 69Interest on Small Loans . 76Second Mortgage Loans . 80Retail Credit Sales . 83Buyer's Defenses Against Holder of CreditInstrument . 90Lenders of Unsecured Loans Under FiveHundred Dollars . 91Loan Discrimination. 94Defaults . 94Residential Real Estate Loans . 96Right to Financial Privacy Act. 99Debt Adjusters and Collection Agencies . 107Debt Adjusters. 107Collection Agencies. 109Mortgages, Deeds of Trust and Mortgage Brokers . 111General Provisions . 113Missouri Secure and Fair Enforcement forMortgage Licensing Act . 114Reverse Mortgage Act . 137Loans Secured By Real Estate . 138First-Time Home Buyer Savings Account Act . 139Marriage, Marriage Contracts, and Rights of Married Women . 143Stealing and Related Offenses . 145Offenses Against Public Order . 155Rev. 8/19
Rules of Department of Commerce and InsuranceDivision of Finance. 157Rules of Department of Commerce and Insurance. 183Division of FinanceP. O. Box 716Jefferson City, MO 65102-0716573/751-3463Fax: 573/751-9192Rev. 8/19
CHAPTER 301REGISTRATION AND LICENSING OF MOTOR VEHICLES301.558. Dealer may fill in blanks onstandardized forms, when - fee authorized preliminary worksheet on computation of saleprice, requirements. - 1. A motor vehicle dealer,boat dealer, or powersport dealer may fill in theblanks on standardized forms in connection withthe sale or lease of a new or used motor vehicle,vessel, or vessel trailer if the motor vehicle dealer,boat dealer, or powersport dealer does not chargefor the services of filling in the blanks or otherwisecharge for preparing documents.2. A motor vehicle dealer, boat dealer,orpowersportdealermaychargeanadministrative fee in connection with the sale orlease of a new or used motor vehicle, vessel, orvessel trailer for the storage of documents or anyother administrative or clerical services notprohibited by this section. A portion of theadministrative fee may result in profit to the motorvehicle dealer, boat dealer, or powersport dealer.3.No motor vehicle dealer, boatdealer, or powersport dealer that sells or leasesnew or used motor vehicles, vessels, or vesseltrailers and imposes an administrative fee of lessthan two hundred dollars in connection with thesale or lease of a new or used vehicle, vessel, orvessel trailer for the storage of documents or anyother administrative or clerical services shall bedeemed to be engaging in the unauthorizedpractice of law.4. If an administrative fee is chargedunder this section, the administrative fee shall becharged to all retail customers and disclosed onthe retail buyer's order form as a separateitemized charge.5. A preliminary worksheet on which asale price is computed and that is shown to thepurchaser, a retail buyer's order form from thepurchaser, or a retail installment contract shallinclude, in reasonable proximity to the place onthe document where the administrative feeauthorized by this section is disclosed, the amountof the administrative fee and the following notice intype that is boldfaced*, capitalized, underlined, orotherwise conspicuously set out from thesurrounding written material:"AN ADMINISTRATIVE FEE IS NOT ANOFFICIAL FEE AND IS NOT REQUIRED BY LAWBUT MAY BE CHARGED BY A DEALER. THISADMINISTRATIVE FEE MAY RESULT IN APROFIT TO DEALER. NO PORTION OF THISADMINISTRATIVE FEE IS FOR THE DRAFTING,1PREPARATION,ORCOMPLETIONOFDOCUMENTS OR THE PROVIDING OF LEGALADVICE. THIS NOTICE IS REQUIRED BY LAW.".6. The general assembly believes thatan administrative fee charged in compliance withthis section is not the unauthorized practice of lawor the unauthorized business of law so long as theactivity or service for which the fee is charged is incompliance with the provisions of this section anddoes not result in the waiver of any rights orremedies. Recognizing, however, that the judiciaryis the sole arbitrator of what constitutes thepractice of law, in the event that a courtdetermines that an administrative fee charged incompliance with this section, and that does notwaive any rights or remedies of the buyer, is theunauthorized practice of law or the unauthorizedbusiness of law, then no person who paid thatadministrative fee may recover said fee or trebledamages, as permitted under section 484.020,RSMo, and no person who charged that fee shallbe guilty of a misdemeanor, as provided undersection 484.020, RSMo.(L. 2009 S.B. 355)*Word "bold-faced" appears in original rolls.301.620.Duties of parties uponcreation of lien or encumbrance, violation,penalty. - If an owner creates a lien orencumbrance on a motor vehicle or trailer:(1) The owner shall immediatelyexecute the application, in the space providedtherefor on the certificate of ownership or on aseparate form the director of revenue prescribes,to name the lienholder on the certificate, showingthe name and address of the lienholder and thedate of the lienholder's security agreement, andcause the certificate, application and the requiredfee to be delivered to the director of revenue;(2) The lienholder or an authorizedagent licensed pursuant to sections 301.112 to301.119 shall deliver to the director of revenue anotice of lien as prescribed by the n to perfect a lien as provided insection 301.600;(3) To perfect a lien for a subordinatelienholder when a transfer of ownership occurs,the subordinate lienholder shall either mail ordeliver, or cause to be mailed or delivered, acompleted notice of lien to the department of
revenue, accompanied by authorization from thefirst lienholder. The owner shall ensure thesubordinate lienholder is recorded on theapplication for title at the time the application ismade to the department of revenue. To perfect alien for a subordinate lienholder when there is notransfer of ownership, the owner or lienholder inpossession of the certificate shall either mail ordeliver, or cause to be mailed or delivered, theowner's application for title, certificate, notice oflien, authorization from the first lienholder and titlefee to the department of revenue. The delivery ofthe certificate and executing a notice ofauthorization to add a subordinate lien does notaffect the rights of the first lienholder under thesecurity agreement;(4) Upon receipt of the documents andfee required in subdivision (3) of this section, thedirector of revenue shall issue a new certificate ofownership containing the name and address of thenew lienholder, and shall mail the certificate asprescribed in section 301.610 or if a lienholderwho has elected for the director of revenue toretain possession of an electronic certificate ofownership the lienholder shall either mail or deliverto the director a notice of authorization for thedirector to add a subordinate lienholder to theexisting certificate. Upon receipt of suchauthorization, a notice of lien and requireddocuments and title fee, if applicable, from asubordinate lienholder, the director shall add thesubordinate lienholder to the certificate ofownership being electronically retained by thedirector and provide confirmation of the addition toboth lienholders;(5) Failure of the owner to name thelienholder in the application for title, as provided inthis section, is a class A misdemeanor.(L. 1965 p. 474 § 3, A.L. 1990 H.B. 1279, A.L. 1992 H.B. 884,A.L. 1999 H.B. 795, A.L. 2002 H.B. 2008 merged with S.B.895)2
CHAPTER 361DIVISION OF FINANCE AND POWERSOF DIRECTOR OF FINANCESALE OF CHECKS - MONEY 718.361.720.361.723.361.725.361.727.361.729.Sale of checks law, how cited definitions.License required to issue checks forconsideration, exceptions - violations,penalty.Application for license, content investigation fee, applied to license fee,when.Surety bond or irrevocable letter ofcredit required, costs, amount, specialexaminations.License issued upon investigation,when - fee - charge for applications toamend and reissue.Reserve required - director maydemand proof, when.Licensee may conduct businessthroughunlicensedagentsandemployees.Annual report filed with director,content.Revocation or suspension of license grounds - procedure.Rules - authority.Persons, firms and corporations notsubject to administrative penalty foracts performed in reliance on writteninterpretations.361.700. Sale of checks law, howcited - definitions. - 1. Sections 361.700 to361.727 shall be known and may be cited as the"Sale of Checks Law".2.For the purposes of sections361.700 to 361.727, the following terms mean:(1) "Check", any instrument for thetransmission or payment of money and shall alsoinclude any electronic means of transmitting orpaying money;(2) "Director", the director of thedivision of finance;(3)"Licensee", any person dulylicensed by the director pursuant to sections361.700 to 361.727;(4)"Person", any individual,partnership, association, trust or corporation.(L. 1984 H.B. 1374 §§ 1, 2, A.L. 2002 SB 895)3361.705. License required to issuechecks for consideration, exceptions violations, penalty. - 1. No person shall issuechecks in this state for a consideration without firstobtaining a license from the director; provided,however, that sections 361.700 to 361.727 shallnot apply to the receipt of money by anincorporated telegraph company at any office oragency of such company for immediatetransmission by telegraph nor to any bank, trustcompany, savings and loan association, creditunion, or agency of the United States government.2. Any person who violates any of theprovisions of sections 361.700 to 361.727 orattempts to sell or issue checks without havingfirst obtained a license from the director shall bedeemed guilty of a class A misdemeanor.(L. 1984 H.B. 1374 §§ 3, 14)361.707.Application for license,content - investigation fee, applied to licensefee, when. - 1. Each application for a licensepursuant to sections 361.700 to 361.727 shall bein writing and under oath to the director in suchform as he may prescribe. The application shallstate the full name and business address of:(1) The proprietor, if the applicant is anindividual;(2) Every member, if the applicant is apartnership or association;(3) The corporation and each officerand director thereof, if the applicant is acorporation.2. Each application for a license shallbe accompanied by an investigation fee of threehundred dollars. If the license is granted theinvestigation fee shall be applied to the license feefor the first year. No investigation fee shall berefunded.(L. 1984 H.B. 1374 §§ 4, 5, A.L. 2015 H.B. 587 merged withS.B. 345)361.711. Surety bond or irrevocableletter of credit required, costs, amount, specialexaminations. Each application for a licenseshall be accompanied by a corporate surety bondin the principal sum of one hundred thousanddollars. The bond shall be in form satisfactory to
the director and shall be issued by a bondingcompany or insurance company authorized to dobusiness in this state, to secure the faithfulperformance of the obligations of the applicantand the agents and subagents of the applicantwith respect to the receipt, transmission, andpayment of money in connection with the sale orissuance of checks and also to pay the costsincurred by the division to remedy any breach ofthe obligations of the applicant subject to the bondor to pay examination costs of the division owedand not paid by the applicant. Upon licenserenewal, the required amount of bond shall be asfollows:(1) For all licensees selling paymentinstruments or stored value cards, five times thehigh outstanding balance from the previous yearwith a minimum of one hundred thousand dollarsand a maximum of one million dollars;(2) For all licensees receiving moneyfor transmission, five times the greatest amounttransmitted in a single day during the previousyear with a minimum of one hundred thousanddollars and a maximum of one million dollars.efficiently and that the applicant is in compliancewith all other applicable state and federal laws. Ifsatisfied, the director shall issue to the applicant alicense pursuant to the provisions of sections361.700 to 361.727. In processing a renewallicense, the director shall require the sameinformation and follow the same proceduresdescribed in this subsection.2. Each licensee shall pay to thedirector before the issuance of the license, andannually thereafter on or before April fifteenth ofeach year, a license fee of three hundred dollars.3.The director may assess areasonable charge, not to exceed three hundreddollars, for any application to amend and reissuean existing license.(L. 1984 H.B. 1374 §§ 7, 8, A.L. 2006 S.B. 892, A.L. 2015H.B. 587 merged with S.B. 345)361.718. Reserve required - directormay demand proof, when. - Every licensee shallat all times have on demand deposit in a federallyinsured depository institution or in the form of cashon hand or in the hands of his agents or in readilymarketable securities an amount equal to all outstanding unpaid checks sold by him or his agentsin Missouri, in addition to the amount of his bond.Upon demand by the director, licensees mustimmediately provide proof of such funds orsecurities. The director may make such demandas often as reasonably necessary and shall makesuch demand to each licensee, without priornotice, at least twice each license year.If in the opinion of the director the bondshall at any time appear to be inadequate,insecure, exhausted, or otherwise doubtful,additional bond in form and with surety satisfactoryto the director shall be filed within fifteen days afternotice of the requirement is given to the licenseeby the director. An applicant or licensee may, inlieu of filing any bond required under this section,provide the director with an irrevocable letter ofcredit, as defined in section 400.5-103, RSMo,issued by any state or federal financial institution.Whenever in the director's judgment it isnecessary or expedient, the director may performa special examination of any person licensedunder sections 361.700 to 361.727 with allauthority under section 361.160 as though thelicensee were a bank. The cost of suchexamination shall be paid by the licensee.(L. 1984 H.B. 1374 § 9)361.720.Licensee may conductbusiness through unlicensed agents andemployees. - Each licensee may conductbusiness at one or more locations within this stateand by means of employees, agents, subagents orrepresentatives as such licensee may designate.No license under sections 361.700 to 361.727shall be required of any such employee, agent,subagent or representative who sells checks inbehalf of a licensee. Each such agent, subagentor representative shall upon demand transfer anddeliver to the licensee the proceeds of the sale oflicensee's checks less the fees, if any, due suchagent, subagent or representative.(L. 1984 H.B. 1374 § 6, A.L. 1989 H.B. 386, A.L. 2006 S.B.892)361.715. License issued uponinvestigation, when - fee - charge forapplications to amend and reissue. 1. Uponthe filing of the application, the filing of a certifiedaudit, the payment of the investigation fee and theapproval by the director of the necessary bond,the director shall cause, investigate, anddetermine whether the character, responsibility,and general fitness of the principals of theapplicant or any affiliates are such as to commandconfidence and warrant belief that the business ofthe applicant will be conducted honestly and(L. 1984 H.B. 1374 § 10)361.723. Annual report filed withdirector, content. - Each licensee shall file withthe director annually on or before April fifteenth of4
each year a statement listing the locations of theoffices of the licensee and the names andlocations of the agents or subagents authorized bythe licensee to engage in the sale of checks ofwhich the licensee is the issuer.(L. 1984 H.B. 1374 § 11)361.725. Revocation or suspensionof license - grounds - procedure. - The directormay at any time suspend or revoke a license, forany reason he might refuse to grant a license, forfailure to pay annual fee or for a violation of anyprovision of sections 361.700 to 361.727. Nolicense shall be denied, revoked or suspendedexcept on ten days' notice to the applicant orlicensee.Upon receipt of such notice theapplicant or licensee may, within five days of suchreceipt, make written demand for a hearing. Thedirector shall thereafter hear and determine thematter in accordance with the provisions ofchapter 536, RSMo.(L. 1984 H.B. 1374 § 12)361.727. Rules - authority. - Thedirector shall issue regulations necessary to carryout the intent and purposes of sections 361.700 to361.727, pursuant to the provisions of section361.103 and chapter 536, RSMo.(L. 1984 H.B. 1374 § 13, A.L. 1993 S.B. 52)361.729.Persons, firms andcorporations not subject to administrativepenalty for acts performed in reliance onwritten interpretations. - Any other provisions ofthe law to the contrary notwithstanding, anyperson, firm or corporation shall not be subject toany administrative proceeding or penalty for anyacts or omissions done in reliance on a writteninterpretation of any sections of chapter 408,RSMo, by the division of finance, which isapplicable to a specific set of facts originallyproposed by the person, firm or corporation priorto committing such acts or omissions.(L. 1992 S.B. 705 § 9)5
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CHAPTER 364RETAIL CREDIT FINANCING INSTITUTIONSSec.364.010. Citation of law.364.020. Definitions.364.030. Financial institutions to obtain license,exceptions - application - fee.364.040. License denied or suspended, grounds- hearing and review.364.050. Director may investigate - buyer maymake complaint.364.060. Director may promulgate rules andregulations,issuesubpoenasenforcement - rulemaking, procedure,generally, this chapter.364.070. Penalties.364.010.Citation of law. - Thischapter may be cited as the "Missouri FinancingInstitution Licensing Law".(L. 1963 p. 463 § 1)364.020.Definitions. - Unlessotherwise clearly indicated by the context, whenused in this chapter the following terms mean:(1) "Director", the office of the directorof the division of finance.(2) "Financing institution", a personengaged in the business of purchasing orotherwise acquiring retail time contracts oraccounts under retail charge agreements fromone or more sellers. The term includes but is notlimited to a bank, trust company, loan andinvestmentcompany,savingsandloanassociation, licensed sales finance company asthe same is defined in the Missouri motor vehicletime sales law (chapter 365, RSMo) or registrantunder sections 367.100 to 367.200, RSMo, if soengaged; but does not include a distributor insofaras he takes assignments of retail installmentpurchase contracts covering goods which weredistributed by him to the retailer thereof.(3)"Person",anindividual,partnership, corporation, association, and anyother group however organized. Words usedherein shall have the same meaning as isascribed to such words in the Missouri retail creditsales law (sections 408.250 to 408.370, RSMo).PREMIUM FINANCE COMPANIES364.100. Definitions.364.105. Registration required - fee - forms.364.110. Records to be maintained by company.364.115. Premiumfinanceagreement,requirements, contents.364.120. Interest or discount, amount allowed,computation - prepayment of obligation- refund credit, calculation.364.125. Other charges allowed.364.130. Cancellation of finance contract underpower of attorney - requirements,procedure.364.135. Return of unearned premiums oncancellation of financed contract - timeallowed.364.140. Filing of agreement not required forvalidity against creditors.364.145. Revenue deposited to state generalrevenue fund.364.150. Application of law.364.160. Violation of law - misdemeanor.(L. 1963 p. 463 § 2)364.030. Financial institutions toobtain license, exceptions - application - fee. 1. No person shall engage in the business of afinancing institution in this state without a licensetherefor as provided in this chapter; except,however, that no bank, trust company, loan andinvestment company, licensed sales financecompany, registrant under the provisions ofsections 367.100 to 367.200, or person whomakes only occasional purchases of retail timecontracts or accounts under retail chargeagreements and which purchases are not beingmade in the course of repeated or successivepurchase of retail installment contracts from thesame seller, shall be required to obtain a licenseunder this chapter but shall comply with all theCROSS REFERENCESAll license, permit and certificate applications shallcontain the Social Security number of theapplicant, 324.024Disclosure of nonpublic information by financialinstitutions prohibited, authority for rules,362.422Uniform electronic transactions act, 432.200 to432.2957
laws of this state applicable to the conduct andoperation of a financing institution.2. The application for the license shallbe in writing, under oath and in the formprescribed by the director. The application shallcontain the name of the applicant; date ofincorporation, if incorporated; the address wherethe business is or is to be conducted and similarinformation as to any branch office of theapplicant; the name and resident address of theowner or partners or, if a corporation orassociation, of the directors, trustees and principalofficers, and other pertinent information as thedirector may require.3. The license fee for each calendaryear or part thereof shall be the sum of fivehundred dollars for each place of business of thelicensee in this state which shall be paid into thegeneral revenue fund. The director may establisha biennial licensing arrangement but in no caseshall the fees be payable for more than one yearat a time.4.Each license shall specify thelocation of the office or branch and must beconspicuously displayed therein. In case thelocation is changed, the director shall eitherendorse the change of location of the license ormail the licensee a certificate to that effect, withoutcharge.5. Upon the filing of an application, andthe payment of the fee, the director shall issue alicense to the applicant to engage in the businessof a financing institution under and in accordancewith the provisions of this chapter for a periodwhich shall expire the last day of December nextfollowing the date of its issuance. The licenseshall not be transferable or assignable.Nolicensee shall transact any business provided forby this chapter under any other name.the material particulars or the nature thereofrequired to be stated or furnished to a buyer underthe Missouri retail credit sales law (sections408.250 to 408.370, RSMo).2. If a licensee is a firm, association orcorporation, it shall be sufficient cause for thesuspension or revocation of a license that anyofficer, director or trustee of a licensed firm,association or corporation, or any member of alicensed partnership, has so acted or failed to actas would be cause for suspending or revoking alicense to the party as an individual. Eachlicensee shall be responsible for the acts of any orall of his employees while acting as his agent, ifsuch licensee, after actual knowledge of the acts,retained the benefits, proceeds, profits oradvantages accruing from the acts or otherwiseratified the acts.3.No license shall be denied,suspended or revoked except after hearingthereon. The hearing and review thereof shall beconducted according to chapter 536, RSMo.(L. 1963 p. 463 § 4)364.050. Director may investigate buyer may make complaint. - 1. The director, orhis duly authorized representatives, shall have fullpower and authority at any time to make anyinvestigation considered necessary of financinginstitutions and of other persons having personalknowledge of the matters under investigation and,to the extent necessary for this purpose, maycompel the production of all relevant books,records, accounts and documents of financinginstitutions and other persons with respect to theirretail time transactions.2. Any buyer having reason to believethat his retail time transaction with respect to theMissouri retail credit sales law (sections 408.250to 408.370, RSMo) has been violated may file withthe director a written complaint setting forth thedetails of the alleged violation, and the director,upon receipt of the complaint, may inspect thepertinent books, records, letters and contracts ofthe financing institution and of the seller involvedrelating to the specific written complaint.(L. 1963 p. 463 § 3, A.L. 1986 H.B. 1195, A.L. 2003 S.B. 346,A.L. 2015 H.B. 587 merged with S.B. 345)364.040.License denied orsuspended, grounds - hearing and review. - 1.Renewal of a license originally granted under thischapter may be denied, or a license may besuspended or revoked by the director on thefollowing grounds:(1) Material misstatement of fact in anyapplication for license under this chapter;(2) Willful failure to comply withprovisions of this chapter relating to retail timetransactions;(3) Defrauding any retail buyer to thebuyer's n or concealment by the licenseethrough whatever subterfuge or device of any of(L. 1963 p 463 § 5)364.060. Director may promulgaterules and regulations, issue subpoenas enforcementrulemaking,procedure,generally, this chapter. - 1. The director shallhave the power to adopt and promulgate all rulesand regulations necessary to carry out the intentand purposes of this chapter. A copy of every ruleor regulation shall be mailed to each financing8
institution, postage prepaid, at least fifteen days inadvance of its effective date; except, however, thefailure of a financing institution to receive a copy ofthe rules or regulations shall not exempt it fromthe duty of compliance with the rules andregulations lawfully promulgated hereunder.2. The director shall have the power toissue subpoenas to compel the attendance ofwitnesses and the production of documents,papers, books, records and other evidence beforehim in any matter over which he has jurisdiction,control or supervision pertaining to this chapter.The director shall have the power to administeroaths and affirmations to any persons whosetestimony is required.3. If any person refuses to obey anysuch subpoena, or to give testimony or to produceevidence as required thereby, any judge of thecircuit court of the county in which the licensedpremises are located may, upon application andproof of the refusal, make an order awardingprocess of subpoena, or subpoen
- 1. A motor vehicle dealer, boat dealer, or powersport dealer may fill in the blanks on standardized forms in connection with the sale or lease of a new or used motor vehicle, vessel, or vessel trailer if the motor vehicle dealer, boat dealer, or powersport dealer does not char
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ALCOHOL & TOBACCO CONTROL LAWBOOK Louisiana Laws and Regulations 2019-2020 Edition Juana Lombard, Commissioner Last updated January 2020 7979
required to have the Credit Card Credit permission to access the Apply Credit Card Credit. The patient transactions that appear in the Credit Card Credit page are limited to charges with a credit card payment. This can be any credit card payment type, not just Auto CC. To apply a credit card credit: 1.
business credit using real and useable credit. BUSINESS CREDIT BUILDING, STEP 3: Obtaining Vendor Credit A business credit report can be started much the same as a consumer report, with small credit cards. The business can use these cards, commonly referred to as "vendor credit," to help build an initial credit profile. Building your .
What you need to know about Credit Suisse credit cards You can use your Credit Suisse credit card to obtain goods and services without cash in Switzerland and abroad, and make payments at a later date. Credit Suisse offers a variety of credit cards that allow you to pay conveniently and securely anywhere in the world. Credit Suisse credit cards .
What is Credit Building? And what it's not CREDIT BUILDING The act of making on-time regular payments on a financial product such as an installment loan or a credit card that is reported by the creditor to the major credit bureaus. CREDIT BUILDING Credit repair CREDIT BUILDING Credit remediation/debt management alone CREDIT BUILDING .
consumers when they participate in various financial transactions. Firms use consumer information to screen for consumer risks. For example, lenders rely upon credit reports and scores to determine the likelihood that prospective borrowers will repay their loans. Insured depository institutions (i.e., banks and credit unions) rely on consumer data
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