AN ACT CLASSIFYING CERTAIN DATA BROKERS AS CREDIT RATING AGENCIES.

HB 5502 would reclassify certain data brokers as credit rating agencies under state law when they sell specific financial information, including income, credit history, credit scores, or debt obligations. This bill directly affects data brokers whose business involves selling such financial data to third parties. The key mechanism requires these brokers to comply with the same regulatory standards and consumer protections currently applied to traditional credit rating agencies. The bill aims to bring these data brokers under existing credit agency oversight without altering their core business operations.