Homebuyers Privacy Protection Act

Bill: 118-s-3502
Sponsor: full_name: Sen. Reed, Jack [D-RI]
Introduced: 2023-12-13
Policy area: Finance and Financial Sector
Subjects: Consumer credit

Financial services and investments

Housing finance and home ownership

Real estate business

Right of privacy
Latest action: action_date: 2024-12-18
text: Held at the desk.

Summaries:
action_date: 2023-12-13
action_desc: Introduced in Senate
text: <p><strong>Homebuyers Privacy Protection Act</strong></p><p>This bill prohibits a credit reporting agency from providing a consumer's credit report to a third party in connection with a residential mortgage transaction unless (1) the third party provides documentation certifying that it has the consumer's consent; or (2) the third party has originated the mortgage, is the current loan servicer, or has a current specified banking relationship with the consumer.</p>

tv_txt: 118th CONGRESS 2d Session S. 3502 IN THE SENATE OF THE UNITED STATES AN ACT To amend the Fair Credit Reporting Act to prevent consumer reporting agencies from furnishing consumer reports under certain circumstances, and for other purposes.

1. Short title This Act may be cited as the Homebuyers Privacy Protection Act . 2. Treatment of prescreening report requests Section 604(c) of the Fair Credit Reporting Act ( 15 U.S.C. 1681b(c) ) is amended by adding at the end the following: (4) Treatment of prescreening report requests (A) Definitions In this paragraph: (i) Credit union The term credit union means a Federal credit union or a State credit union, as those terms are defined in section 101 of the Federal Credit Union Act (12 U.S.C 1752). (ii) Insured depository institution The term insured depository institution has the meaning given the term in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(c) ). (iii) Residential mortgage loan The term residential mortgage loan has the meaning given the term in section 1503 of the S.A.F.E. Mortgage Licensing Act of 2008 ( 12 U.S.C. 5102 ). (iv) Servicer The term servicer has the meaning given the term in section 6(i) of the Real Estate Settlement Procedures Act of 1974 ( 12 U.S.C. 2605(i) ). (B) Limitation If a person requests a consumer report from a consumer reporting agency in connection with a credit transaction involving a residential mortgage loan, that agency may not, based in whole or in part on that request, furnish a consumer report to another person under this subsection unless that other person— (i) has submitted documentation to that agency certifying that such other person has, pursuant to paragraph (1)(A), the authorization of the consumer to whom the consumer report relates; or (ii) (I) has originated a current residential mortgage loan of the consumer to whom the consumer report relates; (II) is the servicer of a current residential mortgage loan of the consumer to whom the consumer report relates; or (III) (aa) is an insured depository institution or credit union; and (bb) holds a current account for the consumer to whom the consumer report relates. . 3. Effective date This Act, and the amendments made by this Act, shall take effect on the date that is 90 days after the date of enactment of this Act.

Passed the Senate December 17 (legislative day, December 16), 2024. Secretary

tv_txt: II 118th CONGRESS 1st Session S. 3502 IN THE SENATE OF THE UNITED STATES December 13, 2023 Mr. Reed (for himself and Mr. Hagerty ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Fair Credit Reporting Act to prevent consumer reporting agencies from furnishing consumer reports under certain circumstances, and for other purposes.

1. Short title This Act may be cited as the Homebuyers Privacy Protection Act . 2. Treatment of prescreening report requests Section 604(c) of the Fair Credit Reporting Act ( 15 U.S.C. 1681b(c) ) is amended by adding at the end the following: (4) Treatment of prescreening report requests (A) Definitions In this paragraph: (i) Insured credit union The term insured credit union has the meaning given the term in section 101 of the Federal Credit Union Act (12 U.S.C 1752). (ii) Insured depository institution The term insured depository institution has the meaning given the term in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(c) ). (iii) Residential mortgage loan The term residential mortgage loan has the meaning given the term in section 1503 of the S.A.F.E. Mortgage Licensing Act of 2008 ( 12 U.S.C. 5102 ). (iv) Servicer The term servicer has the meaning given the term in section 6(i) of the Real Estate Settlement Procedures Act of 1974 ( 12 U.S.C. 2605(i) ). (B) Limitation If a person requests a consumer report from a consumer reporting agency in connection with a credit transaction involving a residential mortgage loan, that agency may not, solely on the basis of that request, furnish that consumer report to another person unless that other person— (i) has submitted documentation to that agency certifying that such other person has, pursuant to paragraph (1), the authorization of the consumer to whom the consumer report relates; or (ii) (I) has originated the current residential mortgage loan of the consumer; (II) is the servicer of the current residential mortgage loan of the consumer; or (III) (aa) is an insured depository institution or insured credit union; and (bb) holds a current account for the consumer to whom the consumer report relates. .