1. After receiving a notice from an obligor as provided in section 8-401, subsection 1, a creditor or his agent may not directly or indirectly threaten to report to any person adversely on the obligor's credit rating or credit standing because of the obligor's failure to pay the amount indicated by the obligor under section 8-401, subsection 1, paragraph B, and that amount may not be reported as delinquent to any 3rd party until the creditor has met the requirements of section 8-401 and has allowed the obligor the same number of days, not less than 10, thereafter to make payment as is provided under the credit agreement with the obligor for the payment of undisputed amounts.
[ 1981, c. 243, §25 (NEW) .]
2. If a creditor receives a further written notice from an obligor that an amount is still in dispute within the time allowed for payment under subsection 1, a creditor may not report to any 3rd party that the amount of the obligor is delinquent because the obligor has failed to pay an amount which he has indicated under section 8-401, subsection 1, paragraph B, unless the creditor also reports that the amount is in dispute and, at the same time, notifies the obligor of the name and address of each party to whom the creditor is reporting information concerning the delinquency.
[ 1981, c. 243, §25 (NEW) .]
3. A creditor shall report any subsequent resolution of any delinquencies reported pursuant to subsection 2 to the parties to whom such delinquencies were initially reported.
[ 1981, c. 243, §25 (NEW) .]
SECTION HISTORY
1981, c. 243, §§25,26 (NEW). 1981, c. 551, §3 (AMD).
1. After receiving a notice from an obligor as provided in section 8-401, subsection 1, a creditor or his agent may not directly or indirectly threaten to report to any person adversely on the obligor's credit rating or credit standing because of the obligor's failure to pay the amount indicated by the obligor under section 8-401, subsection 1, paragraph B, and that amount may not be reported as delinquent to any 3rd party until the creditor has met the requirements of section 8-401 and has allowed the obligor the same number of days, not less than 10, thereafter to make payment as is provided under the credit agreement with the obligor for the payment of undisputed amounts.
[ 1981, c. 243, §25 (NEW) .]
2. If a creditor receives a further written notice from an obligor that an amount is still in dispute within the time allowed for payment under subsection 1, a creditor may not report to any 3rd party that the amount of the obligor is delinquent because the obligor has failed to pay an amount which he has indicated under section 8-401, subsection 1, paragraph B, unless the creditor also reports that the amount is in dispute and, at the same time, notifies the obligor of the name and address of each party to whom the creditor is reporting information concerning the delinquency.
[ 1981, c. 243, §25 (NEW) .]
3. A creditor shall report any subsequent resolution of any delinquencies reported pursuant to subsection 2 to the parties to whom such delinquencies were initially reported.
[ 1981, c. 243, §25 (NEW) .]
SECTION HISTORY
1981, c. 243, §§25,26 (NEW). 1981, c. 551, §3 (AMD).
1. After receiving a notice from an obligor as provided in section 8-401, subsection 1, a creditor or his agent may not directly or indirectly threaten to report to any person adversely on the obligor's credit rating or credit standing because of the obligor's failure to pay the amount indicated by the obligor under section 8-401, subsection 1, paragraph B, and that amount may not be reported as delinquent to any 3rd party until the creditor has met the requirements of section 8-401 and has allowed the obligor the same number of days, not less than 10, thereafter to make payment as is provided under the credit agreement with the obligor for the payment of undisputed amounts.
[ 1981, c. 243, §25 (NEW) .]
2. If a creditor receives a further written notice from an obligor that an amount is still in dispute within the time allowed for payment under subsection 1, a creditor may not report to any 3rd party that the amount of the obligor is delinquent because the obligor has failed to pay an amount which he has indicated under section 8-401, subsection 1, paragraph B, unless the creditor also reports that the amount is in dispute and, at the same time, notifies the obligor of the name and address of each party to whom the creditor is reporting information concerning the delinquency.
[ 1981, c. 243, §25 (NEW) .]
3. A creditor shall report any subsequent resolution of any delinquencies reported pursuant to subsection 2 to the parties to whom such delinquencies were initially reported.
[ 1981, c. 243, §25 (NEW) .]
SECTION HISTORY
1981, c. 243, §§25,26 (NEW). 1981, c. 551, §3 (AMD).
