HB 1477

As introduced: - Requires a consumer reporting agency that uses algorithmic systems to evaluate consumer credit information to: - Be able to provide an explanation of each evaluation in plain language; - Maintain a public registry of all algorithms; - Maintain certain error rates, discriminatory rates, and accuracy rates; - Procure quarterly harmful bias audits; - Implement a data governance framework; - Require automated evaluations to be subject to human review; - Require at least 10% of algorithmic evaluations to undergo random human review; - Designate responsible staff; - Implement a system to improve algorithmic performance; - Allow consumers to opt out; and - Maintain a contingency plan for system failure or data breach.