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. The bill defines trigger leads as part of false or deceptive advertising, thereby aiming to mitigate identity theft. It also empowers the Banking Commissioner to regulate these trigger leads, ensuring that consumers' credit information is safeguarded against potential misuse.

The bill amends Sections 32-9-103 and 32-9-149 of the Montana Code Annotated (MCA) to introduce new definitions and clarify that trigger leads do not include consumer reports obtained by licensed mortgage entities directly from consumers. It reinforces the prohibition against deceptive advertising practices, requiring mortgage advertisements to be transparent by including disclosures about loan limitations and the identification of mortgage loan originators. Additionally, the bill includes a severability clause to maintain the enforceability of remaining provisions if any part of the act is found invalid, thereby promoting integrity within the mortgage lending industry.

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