110 STAT. 3009 -427 PUBLIC LAW 104-208—SEPT. 30, 1996 review of an account under section 604(a)(3)(F)(ii); and "(11) adverse to the interests of the consumer. " (2) APPLICABLE FINDINGS, DECISIONS, COMMENTARY, AND ORDERS. —For purposes of any determination of whether an action is an adverse action under paragraph (1)(A), all appropriate final findings, decisions, commentary, and orders issued under section 701(d)(6) of the Equal Credit Opportunity Act by the Board of Governors of the Federal Reserve System or any court shall apply.". (b) FIRM OFFER OF CREDIT OR INSURANCE.— Section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a) (as amended by subsection (a) of this section) is amended by adding at the end the following new subsection: "(l) FIRM OFFER OF CREDIT OR INSURANCE. —The term 'firm offer of credit or insurance' means any offer of credit or insurance to a consumer that will be honored if the consumer is determined, based on information in a consumer report on the consumer, to meet the specific criteria used to select the consumer for the offer, except that the offer may be further conditioned on one or more of the following: "(1) The consumer being determined, based on information in the consumer's application for the credit or insurance, to meet specific criteria bearing on credit worthiness or insurability, as applicable, that are established— "(A) before selection of the consumer for the offer; and "(B) for the purpose of determining whether to extend credit or insurance pursuant to the offer. "(2) Verification— "(A) that the consumer continues to meet the specific criteria used to select the consumer for the offer, by using information in a consumer report on the consumer, iAforma tion in the consumer's application for the credit or insurance, or other information bearing on the credit worthiness or insurability of the consumer; or "(B) of the information in the consumer's application for the credit or insurance, to determine that the consumer meets the specific criteria bearing on credit worthiness or insurability. "(3) The consumer furnishing any collateral that is a requirement for the extension of the credit or insurance that was— "(A) established before selection of the consumer for the offer of credit or insurance; and "(B) disclosed to the consumer in the offer of credit or insurance.". (c) CREDIT OR INSURANCE TRANSACTION THAT IS NOT INITIATED BY THE CONSUMER. — Section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a) (as amended by subsection (b) of this section) is amended by adding at the end the following new subsection: " (m) CREDIT OR INSURANCE TRANSACTION THAT IS NOT INITI- ATED BY THE CONSUMER. — The term 'credit or insurance transaction that is not initiated by the consumer' does not include the use of a consumer report by a person with which the consumer has an account or insurance policy, for purposes of— "(1) reviewing the account or insurance policy; or
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