LD 470
pg. 3
Page 2 of 3 An Act To Ensure Fairness Regarding Use of Consumer Credit Reports in Insurance... LD 470 Title Page
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LR 42
Item 1
 
transact automobile or homeowners' insurance in this State from
making underwriting and rating decisions based solely on
information contained in consumer credit reports. The bill also
prohibits an insurer from using an insurance score that is
calculated using income, gender, address, zip code, ethnic
group, religion, marital status or nationality as a factor and
from considering an absence of credit history or an inability to
determine a credit history as a negative indicator on an
insurance score. An insurer may continue to use consumer credit
reports in underwriting and rating decisions in conjunction with
other relevant underwriting criteria to the extent allowed under
state and federal fair credit reporting laws.

 
The bill also requires insurers to provide written notice to
a consumer who is adversely affected by a credit report. The
notice must include the specific credit-based reasons for the
adverse decision and contact information necessary to assist
the consumer in appealing the insurer's decision.

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