Skip to main content
Menu Icon Menu Icon
Close

InfoBytes Blog

Financial Services Law Insights and Observations

Minnesota prohibits security freezes fees, authorizes security freezes for protected persons

State Issues Credit Reporting Agency Security Freeze State Legislation Privacy/Cyber Risk & Data Security

State Issues

On May 19, the Minnesota governor signed HF1243, which, effective immediately, prohibits credit reporting agencies for charging a fee for the placement, removal, or temporary lift of a security freeze. The law previously allowed for a fee of $5.00. Additionally, effective January 1, 2019, the law authorizes the placement of a security freeze for a protected person – defined by the law as an individual under the age of 16 – if a consumer reporting agency receives a request by the protected person’s representative and certain authentication standards are met. The law also outlines the requirements for removing a security freeze for a protected person.

Share page with AddThis