SB3504 amends the Landlord and Tenant Act to require landlords to offer tenants the option to report rental payment information to consumer reporting.
SB3504 amends the Landlord and Tenant Act by adding a provision that requires landlords to offer tenants the option to report their rental payment information to consumer reporting agencies. The offer must be made at the time of the lease agreement and at least once annually thereafter. The landlord must provide written notice detailing the offer, including the option's voluntary nature, the agencies involved, and the potential impact on credit scores. If a tenant opts in, the landlord may charge a fee not exceeding the actual cost plus $5 per month.
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