TEXT Louisiana House lawmakers this week narrowly gave their approval to legislation that would block companies from using consumer credit information for state citizens from 2005.
By a vote of 7 to 6, members of the House insurance Committee approved House Bill 318, which was introduced by Rep. Cedric Richmond, D-New Orleans. According to the language of the bill, insurers would be barred from using any 2005 credit information “to underwrite or rate risks for any person who resided in an area that was gubernatorially declared to be in a state of disaster or emergency during” last year.
The American Insurance Association has voiced concern over the bill, which it says could harm consumers who improved their credit during 2005, and that the bill's goal of easing the strain on victims of Hurricane Katrina has already been met by a directive from the state insurance commissioner.
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