Bill > HB1184

This bill amends the Fair Mortgage Lending Act to enhance consumer privacy protections related to mortgage applications by introducing new definitions and restrictions on the use of "mortgage trigger leads" - which are consumer contact information obtained through credit reporting agencies when a consumer applies for a mortgage. The bill requires loan officers and mortgage brokers who obtain such leads to disclose specific information during their initial communication with consumers, including the loan officer's name, how they obtained the contact information, and that the solicitation is based on personal information purchased from a consumer reporting agency without the original lender's permission. Additionally, the bill prohibits using these mortgage trigger leads in misleading ways, such as contacting consumers who have opted out of prescreened credit offers or who are on the national "Do-Not-Call" registry. The new provisions aim to provide more transparency and protect consumers from potentially deceptive marketing practices in the mortgage lending industry, with specific reference to existing federal laws like the Fair Credit Reporting Act.

Business and Industry

https://arkleg.state.ar.us/Bills/Detail?id=hb1184&ddBienniumSession=2025%2F2025R