50-701. Findings and purpose. - Kansas Statutes

50-701

Chapter 50.--UNFAIR TRADE AND CONSUMER PROTECTION Article 7.--FAIR CREDIT REPORTING

      50-701.   Findings and purpose.(a) The legislature of the state of Kansas hereby finds and determinesthat:

      (1)   The banking system is dependent upon fair and accurate creditreporting. Inaccurate credit reports directly impair the efficiency of thebanking system, and unfair credit reporting methods undermine the publicconfidence which is essential to the continued functioning of the bankingsystem.

      (2)   An elaborate mechanism has been developed for investigating andevaluating the credit worthiness, credit standing, credit capacity,character, and general reputation of consumers.

      (3)   Consumer reporting agencies have assumed a vital role in assemblingand evaluating consumer credit and other information on consumers.

      (4)   There is a need to insure that consumer reporting agencies exercisetheir grave responsibilities with fairness, impartiality, and a respect forthe consumer's right to privacy.

      (b)   It is the purpose of K.S.A. 50-701 to 50-722, inclusive, andamendments thereto, to require that consumer reporting agenciesadopt reasonable procedures for meeting the needs of commerce for consumercredit, personnel, insurance, and other information in a manner which is fairand equitable to the consumer, with regard to the confidentiality, accuracy,relevancy, and proper utilization of such information in accordance withthe requirements of such sections of this act.

      History:   L. 1973, ch. 85, § 136; Jan. 1, 1974.