A bill to amend the Fair Credit Reporting Act to prevent consumer reporting agencies from furnishing consumer reports under certain circumstances, and for other purposes.
Homebuyers Privacy Protection Act
This bill limits the circumstances in which credit reporting agencies may provide consumer credit reports to third parties in connection with residential mortgage transactions.
Specifically, the bill prohibits a credit reporting agency from providing a consumer's credit report to a third party in connection with a residential mortgage transaction unless the transaction consists of a firm offer of credit or insurance and (1) the third party provides documentation certifying that it has the consumer's consent; or (2) the third party has originated a mortgage on behalf of the consumer, is a current mortgage loan servicer to the consumer, or has a current specified banking relationship with the consumer.
These provisions take effect 180 days after the bill's enactment.
Became Public Law No: 119-36.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent. (consideration: CR S3395-3396)
Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent. (text: CR S3395-3396)
Passed Senate without amendment by Unanimous Consent. (text: CR S3395-3396)
Received in the House.
Held at the desk.
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