Property Management

California Credit Score Disclosure Legislation Goes Into Effect

Landmark legislation sponsored by the California Association of REALTORS* giving consumers access to their credit scores goes into effect July 1. Under the provisions of SB 1607 (Figueroa) "Credit Score Disclosure Legislation," California now has the most consumer-friendly law involving credit disclosure in America, says C.A.R. SB 1607, authored by Senator Liz Figueroa, was signed into law by Governor Davis in September. In addition to C.A.R., Consumers Union co-sponsored the legislation. SB 1607 was supported by E-Loan and the California Association of Mortgage Brokers. SB 1607 also enjoyed statewide bipartisan support of 17 Senate and Assembly co-authors as well as Attorney General Bill Lockyer, Privacy Rights Clearinghouse, National Association of Hispanic Real Estate Professionals, Chinese Real Estate Association of America, California Building Industry Association, Consumer Federation of California, Consumer Action, CalPIRG, American Association of Retired Persons, Neighbor to Neighbor, California Professional Firefighters, and Fair Housing of Marin.

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