By the Division of Banks

NOTE: Opinion 98-091 negates previous Opinion 97-213

Preemption of State Law Adverse Action Requirements

Certain amendments to the federal Fair Credit Reporting Act, effective September 30, 1997, resulted in the Division's reconsideration of its position taken in a previously issued Opinion 97-213. 15 U.S.C. section 1681t directly addresses the relationship of the Federal Act to state laws and negates, in subsection (b), the authority of a state to affect the duties of a person taking adverse action. Upon reconsideration and review of the amendments to the Federal Act, it is the Division's position that the notification requirements for credit denial or adverse action contained in Mass. Gen. Laws chapter 93, section 62(a) are preempted by the federal Fair Credit Reporting Act, as amended. This position negates the determination in Opinion 97-213.

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