Bill > H1122

This bill addresses the use of credit trigger leads, which are personal financial details shared by credit reporting agencies with third parties when a consumer applies for a loan. The bill prohibits consumer reporting agencies from selling or sharing information about a loan application to third parties without the explicit consent of the consumer. Financial lending institutions (including banks, credit unions, and mortgage lenders) must now provide clear, conspicuous notice to consumers about their right to opt into services that might share their loan application information. The notice must be in at least 10-point type and explicitly inform consumers that they can consent to have their loan application information shared with third parties. The bill also reminds consumers that they may be entitled to compensation if a financial institution negligently or intentionally fails to comply with credit reporting regulations. By requiring explicit consumer consent, the bill aims to give individuals more control over their personal financial information and protect their privacy during loan application processes.

Business and Industry

https://malegislature.gov/Bills/194/H1122