Arkansas recently passed Senate Bill 240 (“S.B. 240”) to amend the state’s Credit Reporting Disclosure Act of 1989. S.B. 240 clarifies and changes the requirements for the content of an Arkansas Notice of Adverse Action.
The bill amends Arkansas Code § 4-93-104(a) by removing the requirement that the Social Security number of a consumer be included on the notice of adverse action, provided that the Social Security number was given to the user of the consumer report by the consumer or was contained in the consumer report received from the consumer reporting agency.
The requirements of Arkansas Code § 4-93-104(a) are amended to include only the following:
- The notification of adverse action shall be in writing and shall contain:
- A statement of the action taken;
- The name and address of the creditor; and
- The name and address of the consumer reporting agency making the report.
DocMagic will be removing all Arkansas state specific versions of Adverse Action forms and will instead provide the multistate versions. The only difference between the two versions is a Section in the Arkansas specific forms that includes a consumer’s social security number. Updates will be in production as July 10, 2025, the effective date of S.B. 240.
