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Financial Services Law Insights and Observations

Virginia governor enacts amendment relating to security freeze fees

State Issues State Legislation Data Breach Privacy/Cyber Risk & Data Security Security Freeze

State Issues

On March 9, the governor of Virginia signed House Bill 1027, which amends sections of the Code of Virginia relating to security freezes and lowers the maximum amount that a credit reporting agency may charge to place, remove, or lift a security freeze on a protected consumer’s credit report from $10 to $5. Victims of identity theft remain exempt from the fee. The amendment takes effect July 1.

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