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Can you summarize 16 CFR Part 682?
FAIR CREDIT REPORTING ACT > DISPOSAL OF CONSUMER REPORT INFORMATION AND RECORDS
Short Summary
The provided legal document content pertains to the proper disposal of consumer information under the Fair Credit Reporting Act. It applies to any person who maintains or possesses consumer information for a business purpose. The document requires such persons to take reasonable measures to protect against unauthorized access or use of the information during its disposal. Reasonable measures include burning, pulverizing, or shredding papers containing consumer information, destroying or erasing electronic media, entering into a contract with a certified record destruction company, and implementing policies and procedures to protect against unauthorized disposal. The document also emphasizes the incorporation of proper disposal of consumer information into the information security program required by the Safeguards Rule for persons subject to the Gramm-Leach-Bliley Act. The rule does not impose requirements on maintaining or destroying records that are not already imposed by other laws, nor does it alter or affect any existing requirements under other provisions of law. Specific penalties for non-compliance are not mentioned. The rule in this part became effective on June 1, 2005.
Whom does it apply to?
Any person who maintains or possesses consumer information for a business purpose
What does it govern?
Proper disposal of consumer information
What are exemptions?
The rule does not require a person to maintain or destroy any record pertaining to a consumer that is not imposed under other law, and it does not alter or affect any requirement imposed under any other provision of law to maintain or destroy such a record.
What are the Penalties?
Specific penalties for non-compliance are not mentioned.
Jurisdiction
U.S. Federal Government