Bill > SB933

This bill, an addition to the California Financing Law, aims to prevent financial institutions from engaging in unfair, deceptive, or abusive practices when using "mortgage trigger lead" information. Mortgage trigger leads are defined as consumer credit information obtained from credit reporting agencies when a consumer applies for a real estate-secured loan, excluding information from the consumer's original lender or a servicer of an existing account. The bill specifies that a violation occurs if a financial institution fails to clearly inform the consumer at the first point of contact that they are not affiliated with the consumer's original lender or broker, fails to comply with laws regarding prescreened credit offers, uses consumer information against their opt-out requests or "do not call" registry status, or engages in bait-and-switch marketing by offering specific loan terms and then changing them detrimentally without clear disclosure. Such violations are considered unlawful business practices, enforceable by the Attorney General, the Commissioner of Financial Protection and Innovation, and local prosecutors, and consumers can sue for damages, injunctions, and attorney fees.

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https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB933