OREGON LEGISLATURE PASSES CREDIT SCORING BILL.The Oregon Oregon, city, United States
Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. Senate Aug. 20 approved a bill to restrict In the C programming language, the data pointed to by a pointer declared with the restrict qualifier may not be pointed to by any other pointer. This allows for more effective optimization. insurers' use of credit information for personal lines underwriting Underwriting
1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt).
2. The process of issuing insurance policies. and rating.
After pending in the House Rules Committee for three months, the bill, SB 260, passed the House Aug. 15. It now goes to Gov. Ted Kulongoski Theodore R. "Ted" Kulongoski (born November 5 1940, in rural Missouri) is an American Democratic politician. Since 2003, he has served as the Governor of Oregon. He was re-elected in 2006. , who is expected to sign it.
The bill has been considerably modified since its introduction Jan. 24 to limit how insurers use credit information. The bill now contains the following provisions:
* Insurers cannot cancel (character) Cancel - (CAN, Control-X) ASCII character 24. or nonrenew a policy in effect for more than 60 days based in whole or in part on credit information;
* Insurers must provide consumers with a summary of significant credit reasons if it makes an adverse underwriting decision based on credit information;
* An insurance score cannot consider the absence of credit or the inability to determine a consumer's credit history unless these factors are used as allowed by rules adopted by the director of the Department of Consumer and Business Services, and
* Insurers can only use rating factors other than credit history to rerate a policy at the time of renewal.