The "Consumer Privacy in Mortgage Applications Act" aims to enhance consumer privacy protections in the mortgage application process. The bill introduces a new section to the Arkansas Code, specifically defining terms such as "consumer report" and "mortgage trigger lead." It establishes that if a solicitor uses information from a mortgage trigger lead to solicit a consumer for a mortgage loan, it constitutes an unfair or deceptive act unless they clearly disclose their lack of affiliation with the original lender and the source of the personal information. Additionally, the bill mandates compliance with the Fair Credit Reporting Act regarding prescreening solicitations and prohibits soliciting consumers who have opted out of prescreened offers or are on the Do-Not-Call registry.

Furthermore, the bill outlines specific practices that are deemed unfair or deceptive, including failing to provide necessary disclosures, using information from mortgage trigger leads to solicit consumers who have opted out, and making misleading offers regarding rates and terms. The Attorney General is tasked with promulgating rules to implement these provisions, ensuring that consumer privacy is upheld in mortgage applications and related solicitations.

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