Activity on the state legislative front

Legislative activity in 1993 proved to be favorable for credit grantors and credit bureaus. Although the federal garnishment bill has been ratified by both Senate and Congress, the outcomes of recent regulations, such as the Fair Credit Reporting Act, the federal Bankruptcy Reform and the Electronic Monitoring Privacy Act are yet to be seen. A status update on different state governments' action on proposed credit bills are outlined. Proposals on issues such as telemarketing, loans bilingual language, interest rates, credit bureau reports, late fees, credit deregulation, collection agencies, promotional offerings, rate take downs, notice requirements and credit reporting are among thos mentioned.