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 obtained in response to a credit application, with certain exclusions for existing lenders.

Additionally, the bill establishes prohibited practices related to the use of mortgage trigger leads. It mandates that loan officers must provide specific disclosures in their initial communications with consumers, including their identity, the source of the consumer's contact information, and the purpose of the solicitation. The bill also prohibits contacting consumers who have opted out of prescreened credit offers or are on the national "Do-Not-Call" registry, and it imposes 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