The bill amends the Fair Mortgage Lending Act to enhance consumer privacy protections in mortgage applications. It introduces new definitions, including "consumer report" and "mortgage trigger lead," which clarify the nature of consumer reports and the circumstances under which they are generated. Specifically, a "mortgage trigger lead" is defined as a lead resulting from a consumer report triggered by a credit application inquiry, with exceptions for existing lenders servicing the applicant's debt.

Additionally, the bill outlines prohibited practices related to the use of mortgage trigger leads. It specifies that lenders must provide clear information in initial communications with consumers, including the identity of the loan officer and the source of the consumer's contact information. The bill also prohibits soliciting consumers who have opted out of prescreened credit offers or are on the national "Do-Not-Call" registry, and it establishes penalties for knowingly violating these provisions.

Statutes affected:
Old version HB1184 V2 - 2-4-2025 10:42 AM: 23-39-502, 23-39-513
Old version HB1184 V3 - 2-11-2025 09:34 AM: 23-39-502, 23-39-513
Act 263: 23-39-502, 23-39-513