Bill > H1445

This bill amends Chapter 183 of the General Law by adding a new section, Section 69, titled "Consumer Privacy in Mortgage Applications," which aims to protect consumers from certain solicitations related to mortgage loans. A "mortgage trigger lead" is defined as a consumer report obtained because of an inquiry made in response to a credit application, but it excludes reports obtained by a lender or servicer who already holds the applicant's debt. The bill declares that soliciting a consumer for a mortgage loan on residential property based on information from a mortgage trigger lead is an unfair or deceptive practice under Chapter 93A if the solicitor fails to clearly and conspicuously disclose in the initial solicitation that they are not affiliated with the original lender or broker, that the solicitation is based on purchased personal information obtained without the original lender's or broker's knowledge, or if they fail to comply with federal Fair Credit Reporting Act (FCRA) requirements for prescreening solicitations, such as making a firm offer of credit. Furthermore, it is deemed unfair or deceptive to knowingly or negligently use information from a mortgage trigger lead to solicit consumers who have opted out of prescreened offers under the FCRA or to call consumers who are on a federal or state Do Not Call list. The Attorney General is tasked with creating regulations to implement these provisions.