This bill establishes regulations for financial institutions regarding the solicitation of consumers using prescreened mortgage trigger lead information derived from consumer reports. It defines key terms such as "consumer report," "financial institution," and "mortgage trigger lead," and prohibits financial institutions from engaging in unfair or deceptive practices when soliciting consumers who have applied for loans with other institutions. Specific practices deemed unfair include failing to disclose non-affiliation with the initial lender, not adhering to legal requirements for prescreened solicitations, using information from consumers who have opted out of such offers, and changing the terms of an offer to the consumer's detriment.

Additionally, the bill amends section 714.16 of the Code to classify violations of these regulations as unlawful practices. This means that any financial institution found to be in violation of the new provisions will be subject to legal repercussions under existing consumer protection laws. Overall, the bill aims to enhance consumer protection in the financial solicitation process by ensuring transparency and compliance with established laws.

Statutes affected:
Introduced: 527.2