50-704. Obsolete information.
50-704
50-704. Obsolete information.(a) Except as authorized under subsection (b) of this section, noconsumer reporting agency may make any consumer report containing any ofthe following items of information:
(1) Bankruptcies which, from date of adjudication of the most recentbankruptcy, antedate the report by more than fourteen (14) years;
(2) suits and judgments which, from date of entry, antedate the reportby more than seven (7) years or until the governing statute of limitationshas expired, whichever is the longer period;
(3) paid tax liens which, from date of payment, antedate the report bymore than seven (7) years;
(4) accounts placed for collection or charged to profit and loss whichantedate the report by more than seven (7) years;
(5) records of arrest, indictment, or conviction of crime which, fromdate of disposition, release, or parole, antedate the report by more thanseven (7) years; and
(6) any other adverse item of information which antedates the report bymore than seven (7) years.
(b) The provisions of subsection (a) of this section are not applicablein the case of any consumer credit report to be used in connection with
(1) a credit transaction involving, or which may reasonably be expectedto involve, a principal amount of fifty thousand dollars ($50,000) or more;
(2) the underwriting of life insurance involving, or which mayreasonably be expected to involve, a face amount of fifty thousand dollars($50,000) or more; or
(3) the employment of any individual at an annual salary which equals,or which may reasonably be expected to equal twenty thousand dollars($20,000), or more.
History: L. 1973, ch. 85, § 139; Jan. 1, 1974.