§ 10202. Definitions
As used in this subchapter:
(1) “Account verification service” means any person who, for monetary fees, dues, or on
a cooperative nonprofit basis, regularly engages in whole or in part in the practice
of:
(A) assembling information on the frequency and location of depository account openings
or attempted openings by a consumer, or forced closings by a depository institution
of accounts of a consumer; or
(B) authenticating or validating Social Security numbers or addresses for the purpose
of reporting to third parties for use in fraud prevention. Mailing such information
to a customer to the address provided by such customer shall not be prohibited by
this subchapter.
(2) “Credit reporting agency” means any person who, for monetary fees, dues, or on a cooperative
nonprofit basis, regularly engages in whole or in part in the practice of assembling
or evaluating consumer credit information or other information on consumers for the
purpose of reporting to third parties on the credit rating or creditworthiness of
any consumer.
(3) “Customer” means, for purposes of this subchapter, any person who deposits, borrows,
or invests with a financial institution, including a surety or a guarantor on a loan.
(4) “Financial information” means an original or copy of, or information derived from:
(A) a document that grants signature authority over a deposit or share account;
(B) a statement, ledger card, or other record of a deposit or share account that shows
transactions in or with respect to that deposit or account;
(C) a check, clear draft, or money order that is drawn on a financial institution or issued
and payable by or through a financial institution;
(D) any item, other than an institutional or periodic charge, that is made under an agreement
between a financial institution and another person’s deposit or share account;
(E) any information that relates to a loan account or an application for a loan; or
(F) evidence of a transaction conducted by electronic or telephonic means.
(5) “Financial institution” means a financial institution as defined in subdivision 11101(32) of this title, and a credit union, financial institution subsidiary, licensed lender, mortgage
broker, or sales finance company organized or regulated under the laws of this State,
the United States, or any other state or territory.
(6) “Mercantile agency” means any person who, for monetary fees, dues, or on a cooperative
nonprofit basis, regularly engages in whole or in part in the practice of assembling
or evaluating business credit information or other information on businesses for the
purpose of reporting to third parties on the credit rating or creditworthiness of
any business. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)