On Mar. 20, ARK LEG enacted bill to clarify contents for adverse action.
ARK LEG approved Bill SB 240 to amend Arkansas codeARK LEG 4-93-104(a) re notice of adverse action and in order to amend the Credit reporting disclosure act of 1989.
Removed requirement to provide consumer's social security number on the notification of adverse action once it was given to user of consumer report, or is already on report.
Legislative History
On Feb. 17, 2025, bill introduced in Senate; on Feb. 24, 2025, bill passed in Senate.
On Feb. 24, 2025, bill delivered to House; on Mar. 17, 2025, bill was passed in House.
On Mar. 20, 2025, bill was approved by governor and Bill SB 420 became Act 343.
Effectiveness
Act effective 91 days after legislature adjourned sine die (May 5), so Aug. 4, 2025.
Regulators
ARK LEG
Entity Types
Bank; CU; Thrift
Reference
Act 343, Bill SB240, 3/20/2025; Citation: ARK LEG 4-93-104;
