On Mar. 17, IDA LEG enacted bill on applicant privacy protections.
IDA LEG enacted bill HB 149 on consumer privacy protections in mortgage applications
Amends IDA FIN 26-31-2 adding section on consumer privacy in mortgage applications
Bill Provisions
Outlines prohibited practices regarding solicitation of consumers based on mortgage trigger leads, defined as consumer report triggered by inquiry for credit application.
Does not include a consumer report obtained by a lender, servicer that holds or services existing indebtedness of the applicant who is the subject of consumer report.
Prohibited acts include failure to clearly state in initial phase of solicitation that solicitor is not affiliated with the lender or broker with which the consumer initially applied.
Failure to clearly state that solicitation is based on personal information purchased from consumer reporting agency without knowledge or permission from lender, broker.
Knowingly using information from mortgage trigger lead to solicit consumers who opted out of prescreened credit offers under Fair credit reporting act (15 USC 1681).
Or knowingly using information from a mortgage trigger lead to place calls to consumers who have placed their contact information on federal, State do-not-call list.
Also, failure to comply with provisions of the Fair credit reporting act relating to prescreening solicitations that use consumer reports, including making firm offers.
Legislative History
On Feb. 6, 2025, bill was introduced in House; on Feb. 24, 2025, bill passed House.
On Feb. 25, 2025, bill was introduced in Senate; on Mar. 10, 2025, bill passed Senate.
On Mar. 17, 2025, bill was signed into law by the governor and assigned Chapter 87.
Effectiveness
Bill declares that an emergency exists, therefore will become effective on Jul. 1, 2025.
Regulators
IDA LEG
Entity Types
Bank; CNSM; CRB; CU; MG Orig; Servicer
Reference
Ch. 87, Bill HB 149, 3/17/2025; FCRA; Citation: 15 USC 1681; IDA FIN 26-31-2;
