[Federal Register Volume 62, Number 246 (Tuesday, December 23, 1997)]
[Notices]
[Page 67074]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-33438]


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FEDERAL TRADE COMMISSION


Charges for Certain Disclosures

AGENCY: Federal Trade Commission.

ACTION: Notice regarding charges for certain disclosures.

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SUMMARY: The Federal Trade Commission announces that the current 
ceiling on allowable charges under Section 612(a) of the Fair Credit 
Reporting Act (FCRA) will remain unchanged for 1998. Under recent 
amendments to the FCRA, the Federal Trade Commission is required to 
increase the $8.00 amount referred to in paragraph (1)(A)(i) of Section 
612(a) on January 1 of each year, based proportionally on changes in 
the Consumer Price Index, with fractional changes rounded to the 
nearest fifty cents. Since the FCRA amendments only took effect on 
September 30, 1997, the modified amount shows no increase based on the 
Consumer Price Index for the period in question, and remains at $8.00.

EFFECTIVE DATE: January 1, 1998.

ADDRESSES: Federal Trade Commission, Washington, DC 20580.

FOR FURTHER INFORMATION CONTACT:
Lisa Marie Daniel, Bureau of Economics, Federal Trade Commission, 
Washington, DC 20580, 202-326-3394.

SUPPLEMENTARY INFORMATION: The Fair Credit Reporting Act, originally 
enacted in 1970,\1\ was extensively amended in 1996. Most of the 
amendments to the law, including that which is discussed in this 
notice, went into effect on September 30, 1997. Section 612(a)(1)(A) 
states that, except as provided in certain subsections, a consumer 
reporting agency may impose a reasonable charge on a consumer for 
making a disclosure to the consumer pursuant to Section 609, which 
charge shall not exceed $8 and shall be indicated to the consumer 
before making the disclosure. Section 612(a)(2) goes on to state that 
the Federal Trade Commission (``the Commission'') shall increase the 
$8.00 amount referred to in paragraph (1)(A)(i) of Section 612(a) on 
January 1 of each year, based proportionally on changes in the Consumer 
Price Index (CPI), with fractional changes rounded to the nearest fifty 
cents.
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    \1\ 15 U.S.C. Sections 1681-1681u; Title VI of the Consumer 
Credit Protection Act.
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    The Commission considers the $8 amount referred to in paragraph 
(1)(A)(i) of Section 612(a) to be the baseline for the effective 
ceiling on reasonable charges dating from the time the amended FCRA 
took effect, i.e., September 30, 1997. In November of each year, the 
Commission will calculate the proportional increase in the Consumer 
Price Index (using the most general CPI, which is for all urban 
consumers, all items) for the twelve months dating from September 30th 
of the previous year to September 30th of the current year. The 
Commission will then determine what modification, if any, from the 
original base of $8 should be made effective on January 1 of each 
subsequent year, given the requirement that fractional changes be 
rounded to the nearest fifty cents.
    The Commission determines that there will be no modification from 
the base of $8.00 for January 1, 1998, as the Act only went into effect 
on September 30, 1997.

    By direction of the Commission.
Donald S. Clark,
Secretary.
[FR Doc. 97-33438 Filed 12-22-97; 8:45 am]
BILLING CODE 6750-01-M