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H.R. 5474 (107th): Identity Theft Consumer Notification Act

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Sep 26, 2002.

Identity Theft Consumer Notification Act - Amends the Gramm-Leach-Bliley Act to require that a financial institution to disclose annually to its customers its statutory obligation to: (1) promptly notify the customer if nonpublic personal information has been compromised or misused; (2) help the customer to remedy such compromise, including correcting and updating information contained in a consumer report relating to such customer; (3) reimburse the customer for losses incurred as a result of the compromise or misuse of the information, including fees for obtaining, investigating, and correcting a consumer report on the customer at any consumer reporting agency; and (4) provide information on how the consumer can obtain assistance.Sets forth penalties for the failure of a financial institution to perform its disclosure obligations.Amends the Fair Credit Reporting Act to grant Federal district courts jurisdiction for an action to enforce liability without regard to amount in controversy, in addition to courts of competent jurisdiction.