Fair Financial Information Practices Act

Fair Financial Information Practices Act - Title I: Privacy Protection Amendments of 1979 - Fair Credit Reporting Act - Amends the Fair Credit Reporting Act to revise the definition of consumer report to include those prepared in connection with insurance transactions, governmental benefits, and business transactions. Broadens the exemptions from such definition. Specifies those services or agencies that are not considered to be consumer reporting agencies.

Sets forth the agencies and persons to whom a consumer reporting agency may furnish a consumer report. Raises the amounts involved in transactions which make consumer credit reports exempt from the provision prohibiting the inclusion of specified information in such reports.

Requires consumers to be notified prior to the procurement or preparation of an investigative consumer report on such consumer. Requires specified information be given to applicants for insurance concerning such reports. Directs persons who procure or cause to be prepared such reports to make a complete disclosure, at the request of the consumer, of the nature and scope of the investigation requested.

Directs credit reporting agencies or independent authorization services to notify consumers of impermissible uses of consumer reports. Directs such agencies to assure that file items reflect good faith exercises by consumers of their rights. Prohibits such agencies from requiring a quota of reports. Requires regular reporters of consumer information to agencies to ensure the accuracy of their information.

Describes the information that must be given to a requesting consumer. Permits such agencies or services to withhold: (1) third party medical information, if it discloses the same to a medical professional designated by the consumer; (2) identifying information of any noninstitutional source of information in specified circumstances; and (3) codes used to ensure the security of a reporting system.

Requires disclosures be made during specified hours and by specified means depending on the circumstances. Directs such agencies or services to provide trained personnel to explain any information to the consumer.

Revises the procedures to be followed by consumers or creditors disputing the accuracy or completeness of any item of information contained in a file. Establishes: (1) time limits for the consumer reporting agency to reinvestigate such disputes; and (2) notification requirements concerning the results of such reinvestigations.

Requires consumer reports to be furnished free of charge to consumers notified of an adverse credit rating pursuant to this Act or the Fair Authorization Information Practices Act.

Directs consumer reporting agencies furnishing consumer reports for employment purposes to transmit a copy of such report to the individual to whom it relates.

Requires every investigative consumer report containing adverse information to be in writing.

Requires users of consumer reports to disclose the address of any consumer reporting agency which prepared a report resulting in adverse action, as well as the reasons for such action.

Prohibits agencies from using interviews to obtain information about a consumer in which the interviewer misrepresents the purpose of the interview or his or her identity.

Sets forth the civil damages to which a consumer is entitled for willful noncompliance with this Act. Increases the criminal penalties for obtaining information under false pretenses and unauthorized disclosures. Provides criminal penalties for alterations of consumer reports.

Directs the Federal Reserve Board to prepare a model summary of consumers' rights under this Title. Gives enforcement authority for this Title to the Federal Trade Commission.

Title II: Fair Credit Information Practices - Fair Credit Information Practices Act - Sets forth the persons to whom and the circumstances under which a creditor may disclose individually identifiable information collected or maintained in connection with a credit transaction.

Requires creditors to notify consumers of their: (1) credit information collection and disclosure practices; and (2) use or disclosure of individually identifiable information for marketing purposes. Sets limits on a creditor's information collection practices.

Requires consumers to be given specified information in the event of an adverse credit decision. Gives the consumer the right of access to credit information on which an adverse decision is based. Sets forth the procedure to be followed if a consumer disputes the accuracy or completeness of any item of information.

Requires creditors to notify another creditor, consumer reporting agency, debt collector, or independent authorization service of any inaccurate information reported to such parties.

Directs the Board of Governors of the Federal Reserve System to prescribe regulations pertaining to notice and adverse credit decisions. Provides for the enforcement of this Act by the Federal Trade Commission unless otherwise specified.

Sets forth civil and criminal penalties for violations of this Act.

Title III: Fair Authorization Information Practices - Fair Authorization Information Practices Act - Specifies the parties to whom individually identifiable information may be disclosed by an independent authorization service. Sets forth the duties of such services and their subscribers.

Provides a procedure to be followed when a consumer disputes the accuracy or completeness of any item of information.

Makes such services liable to consumers adversely affected as a result of inaccurate information or information obtained in violation of this Act which is maintained by such service.

Provides for this Act to take effect one year after enactment.

Title IV: Fair Debit Information Practices - Fair Debit Information Practices Act - Sets forth the circumstances and the persons to whom individually identifiable information maintained in connection with a depository service may be disclosed by a depository institution. Requires depository institutions to notify the customer, applying for the provision of any depository service, of information disclosure practices.

Grants enforcement authority to the Federal Trade Commission, unless otherwise specified.

Provides civil and criminal penalties for violation of this Act.

Permits depository institutions to disclose to a party to civil litigation information pertaining to a customer who is also party to the litigation, if such disclosure is pursuant to some compulsory legal process. Requires customers to be notified of such process if they are not parties to the proceeding. Permits such customers to contest the disclosure of the information.

Provides for this Act to take effect one year after enactment.

Title V: Fair Insurance Information Practices - Fair Insurance Information Practices Act - Sets forth the circumstances and the persons to whom individually identifiable personal information may be disclosed by an insurance institution, agent, or support organization. Requires such institutions and agents to notify the insurance applicant or claimant of their information collection and disclosure practices prior to collecting personal information about an individual. Specifies the manner in which personal information may be collected.

Requires insurance institutions, agents, or support organizations to make personal information in their control available to the individual concerned. Specifies the procedures to be followed. Permits specified information to be withheld from an individual in specified circumstances.

Gives the individual concerned the right to have errors corrected and misrepresentations amended according to specified procedures.

Requires insurance institutions or agents to notify individuals subject to an adverse underwriting decision of the reasons for such decision and the individual's rights. Sets forth circumstances in which the notice requirements do not apply.

Declares that the individual's exercise of the rights under this Act shall not affect the individual's eligibility for insurance benefits.

Sets forth civil and criminal penalties for violations of this Act.

Authorizes the principal State insurance regulatory official to enforce this Act.

Provides for this Act to take effect one year after enactment.

Exempts personal information maintained by an insurance institution from the Privacy Act of 1974.

Sets forth provisions concerning the disclosure of personal information by an insurance institution, agent, or support organization pursuant to some compulsory legal process.