The new provisions, which will come into effect on 1 July, regulate the use of consumer information linked to research into mortgage credit and defining who has access to it.
The bill defines a “mortgage -sheet” as “a consumer report obtained on the basis of section 604 (C) (1) (B) of the Fair Credit Reporting Act, USC 1681B, where the issue of the report is caused by a study with a consumer reporting agency in response to an application for credit.”
The new rules require companies that use trigger lead to their lack of ties with the original lender or broker. They must also inform consumers that their data has been purchased without knowledge or permission from the lender.
The law also requires compliance with the regulations for the Fair Credit Reporting Act (FCRA), including company offers, and prohibits applying for those who have canceled or have non-call lists.
Idaho joins Different other states When controlling the use of living hypothezeligger leads over the years. Texas was the most recent to tackle the problem.
The announcement comes as mortgage trade groups – including the Mortgage banking association (MBA), the National Association of MortGage Brokers (Namb) and the Community Home Lenders of America (CHLA) – have openly advocated legislation to limit credit reporting agencies to share information about the lender without permission. Exemptions would be given to companies that reject or serve the mortgage of the subject, or that with the adoption of a bank relationship with the consumer.
After not passing the House of Representatives in December 2024 – despite collecting the SenateThe approval – A National Trigger Leads Bill has been labeled as an important problem with which trade groups insist in 2025.
An MBA spokesperson said that “MBA’s advocacy is the insulting use of hypothezeligger leads to maintain their use in the correct limited circumstances during a real estate transaction. We worked in the first months of the 119th Congress With a dual set of home and senate laws to re-introduce associated accounts as quickly as possible. “
Namb did not respond immediately HOUSINGWIRES Request for an update.
