The Tennessee Senate unanimously passed Senate Bill 161 on Wednesday. Known as “The Credit Security Act of 2007”, the bill will protect Tennesseans, especially seniors, from the growing problem of identity theft, sponsor Raymond Finney (R-Maryville), said.
The bill is the product of a collaborative effort by the business and insurance communities, state and local governments, credit bureaus and the AARP of Tennessee, he said.
“Identity theft is the fastest growing crime in the country,” said Rebecca Kelly, AARP Tennessee State Director. “This new law will allow consumers to put a freeze on their credit reports so this new breed of thieves will not be able to get credit cards, buy cars or make other major expenditures using the identities of hard working Tennesseans.”
She said the bill has three main components: a strong, flexible, affordable security freeze; protection of Social Security Numbers; and strengthening of the Consumer Protection Act to combat financial fraud.
“The legislation will enact one of the strongest, most effective security freezes in the nation,” said Sen. Finney. “It will not prevent every incident of identity theft, but it will provide an important layer of protection for Tennesseans. Consumers will still need to educate and protect themselves.”
The House of Representatives passed the bill last Thursday. Once the bill is signed by the governor, it will become law.
“Identity theft is a serious crime that has affected many lives,” continued Sen. Finney. “I appreciate the Tennessee AARP for all of their help in alerting the public about this issue.”