Establishment of program; conditions and limitations; adoption of regulations

1. The Division may establish a program for the reporting of rental payments to a credit reporting agency. Any such program must be offered at no cost to a landlord or tenant. 2. The Division may not require any landlord or tenant to participate in such a program. A landlord shall not require any tenant to participate in the program or subject a tenant to any penalty or consequence for not participating in the program. 3. The Division may: (a) Establish requirements for any landlord or tenant to voluntarily participate in the program, including, without limitation, any safeguard necessary to ensure that participation in the program is voluntary and that tenants are not subject to any adverse action for participating or not participating in the program. (b) Provide guidelines for the use of an independent third-party vendor to manage the collection and reporting of rental payments. The Division shall maintain and publish a list of third-party vendors that are approved by the Division to manage the reporting of rental payments pursuant to the program. 4. The Division may adopt any regulations necessary to carry out the provisions of this section, including, without limitation: (a) Criteria for approving an independent third-party vendor to manage the collection and reporting of rental payments; (b) Requirements for tenants to be notified and provide proper consent to participate in the program; and (c) Procedures for resolving any dispute relating to the reporting of rental payments pursuant to the program.