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Louisiana Series 103 – Life, Health, And Accident Or Sickness Insurance Practice Exam

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Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on a producer who obtains Consumer Information Reports under false pretenses?
Correct Answer:
$5,000
Explanation:
Under the Fair Credit Reporting Act, Consumer Information Reports may be accessed only for a permissible purpose. When a producer obtains a report under false pretenses, that use is a willful violation and carries a civil penalty up to five thousand dollars for each violation. This per-violation cap is why five thousand is the best answer: it reflects the statutory maximum for this type of misuse. Remember that penalties can accumulate if there are multiple improper requests, and consumers may also seek actual damages and attorney’s fees in addition to these penalties.

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