
[Code of Federal Regulations]
[Title 16, Volume 1]
[Revised as of January 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 16CFR1]

[Page 25-26]
 
                     TITLE 16--COMMERCIAL PRACTICES
 
                   CHAPTER I--FEDERAL TRADE COMMISSION
 
PART 1--GENERAL PROCEDURES--Table of Contents
 
Subpart H--Administration of the Fair Credit Reporting Act

    Authority: 84 Stat. 1128, 15 U.S.C. 1681 et seq.

Sec. 1.71  Administration.

    The general administration of the Fair Credit Reporting Act (Title 
VI of the Consumer Credit Protection Act of 1968; enacted October 26, 
1970; Pub. L. 91-508, 82 Stat. 146, 15 U.S.C. 1601 et seq.) is carried 
out by the Bureau of Consumer Protection, Division of Credit Practices. 
Any interested person may

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obtain copies of the Act and these procedures and rules of practice upon 
request to the Secretary of the Commission, Washington, DC 20580.

[36 FR 9293, May 22, 1971, as amended at 36 FR 18788, Sept. 22, 1971; 38 
FR 32438, Nov. 26, 1973; 46 FR 26290, May 12, 1981]

Sec. 1.72  Examination, counseling and staff advice.

    The Commission maintains a staff to carry out on-the-scene 
examination of records and procedures utilized to comply with the Fair 
Credit Reporting Act and to carry out industry counseling. Requests for 
staff interpretation of the Fair Credit Reporting Act should be directed 
to the Division of Credit Practices, Bureau of Consumer Protection. Such 
interpretations represent informal staff opinion which is advisory in 
nature and is not binding upon the Commission as to any action it may 
take in the matter. Administrative action to effect correction of minor 
infractions on a voluntary basis is taken in those cases where such 
procedure is believed adequate to effect immediate compliance and 
protect the public interest.

[36 FR 9293, May 22, 1971, as amended at 36 FR 18788, Sept. 22, 1971; 38 
FR 32438, Nov. 26, 1973; 46 FR 26290, May 12, 1981]

Sec. 1.73  Interpretations.

    (a) Nature and purpose. (1) The Commission issues and causes to be 
published in the Federal Register interpretations of the provisions of 
the Fair Credit Reporting Act on its own initiative or pursuant to the 
application of any person when it appears to the Commission that 
guidance as to the legal requirements of the Act would be in the public 
interest and would serve to bring about more widespread and equitable 
observance of the Act.
    (2) The interpretations are not substantive rules and do not have 
the force or effect of statutory provisions. They are guidelines 
intended as clarification of the Fair Credit Reporting Act, and, like 
industry guides, are advisory in nature. They represent the Commission's 
view as to what a particular provision of the Fair Credit Reporting Act 
means for the guidance of the public in conducting its affairs in 
conformity with that Act, and they provide the basis for voluntary and 
simultaneous abandonment of unlawful practices by members of industry. 
Failure to comply with such interpretations may result in corrective 
action by the Commission under applicable statutory provisions.
    (b) Procedure. (1) Requests for Commission interpretations should be 
submitted in writing to the Secretary of the Federal Trade Commission 
stating the nature of the interpretation requested and the reasons and 
justification therefor. If the request is granted, as soon as 
practicable thereafter, the Commission will publish a notice in the 
Federal Register setting forth the text of the proposed interpretation. 
Comments, views, or objections, together with the grounds therefor, 
concerning the proposed interpretation may be submitted to the Secretary 
of the Commission within thirty (30) days of public notice thereof. The 
proposed interpretation will automatically become final after the 
expiration of sixty (60) days from the date of public notice thereof, 
unless upon consideration of written comments submitted as hereinabove 
provided, the Commission determine to rescind, revoke, modify, or 
withdraw the proposed interpretation, in which event notification of 
such determination will be published in the Federal Register.
    (2) The issuance of such interpretations is within the discretion of 
the Commission and the Commission at any time may conduct such 
investigations and hold such conferences or hearings as it may deem 
appropriate. Any interpretation issued pursuant to this chapter is 
without prejudice to the right of the Commission to reconsider the 
interpretation, and where the public interest requires, to rescind, 
revoke, modify, or withdraw the interpretation, in which event 
notification of such action will be published in the Federal Register.
    (c) Applicability of interpretations. Interpretations issued 
pursuant to this subpart may cover all applications of a particular 
statutory provision, or they may be limited in application to a 
particular industry, as appropriate.

[36 FR 9293, May 22, 1971]

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