House Bill No. [insert bill number] seeks to enhance consumer protection in the mortgage industry by prohibiting the use of "trigger leads," which are consumer creditworthiness information obtained by credit reporting agencies following a credit application. This measure aims to combat identity theft by categorizing trigger leads as a form of false or deceptive advertising. The bill empowers the Banking Commissioner to regulate these trigger leads, thereby safeguarding consumers from potential misuse of their credit information.

The bill amends Sections 32-9-103 and 32-9-149 of the Montana Code Annotated (MCA), introducing new definitions and clarifications regarding trigger leads, while reinforcing the prohibition against unlicensed advertising practices. It also enhances regulations on advertising for mortgage licensees by prohibiting misleading advertisements about credit access and mortgage terms, requiring disclosures about credit limitations, and mandating the inclusion of mortgage loan originators' names and identifiers in advertisements. Furthermore, the bill allows the department to establish rules for defining false or misleading advertising and sets forth provisions to ensure the act's severability, promoting transparency and consumer protection in the mortgage sector.

Statutes affected:
LC Text: 32-9-103, 32-9-149
HB0470_1(1): 32-9-103, 32-9-149
HB0470_1(2): 32-9-103, 32-9-149
HB0470_1(3): 32-9-103, 32-9-149
HB0470_1(4): 32-9-103, 32-9-149
HB0470_1: 32-9-103, 32-9-149