Homebuyers Privacy Protection Act

Homebuyers Privacy Protection Act

This 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 (1) the third party provides documentation certifying that it has the consumer's consent; or (2) the third party has originated the mortgage, is the current loan servicer, or has a current specified banking relationship with the consumer.

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7297 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 7297

 To amend the Fair Credit Reporting Act to prevent consumer reporting 
agencies from furnishing consumer reports under certain circumstances, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 7, 2024

  Mr. Rose (for himself, Mr. Torres of New York, Mr. Luetkemeyer, Mr. 
   Nickel, Mr. Posey, Ms. Pettersen, Ms. De La Cruz, Mr. Ogles, Mr. 
  Johnson of South Dakota, Mr. Bergman, and Mr. Hill) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Homebuyers Privacy Protection Act''.

SEC. 2. TREATMENT OF PRESCREENING REPORT REQUESTS.

    Section 604(c) of the Fair Credit Reporting Act (15 U.S.C. 
1681b(c)) is amended by adding at the end the following:
            ``(4) Treatment of prescreening report requests.--
                    ``(A) Definitions.--In this paragraph:
                            ``(i) Insured credit union.--The term 
                        `insured credit union' has the meaning given 
                        the term in section 101 of the Federal Credit 
                        Union Act (12 U.S.C 1752).
                            ``(ii) Insured depository institution.--The 
                        term `insured depository institution' has the 
                        meaning given the term in section 3 of the 
                        Federal Deposit Insurance Act (12 U.S.C. 
                        1813(c)).
                            ``(iii) Residential mortgage loan.--The 
                        term `residential mortgage loan' has the 
                        meaning given the term in section 1503 of the 
                        S.A.F.E. Mortgage Licensing Act of 2008 (12 
                        U.S.C. 5102).
                            ``(iv) Servicer.--The term `servicer' has 
                        the meaning given the term in section 6(i) of 
                        the Real Estate Settlement Procedures Act of 
                        1974 (12 U.S.C. 2605(i)).
                    ``(B) Limitation.--If a person requests a consumer 
                report from a consumer reporting agency in connection 
                with a credit transaction involving a residential 
                mortgage loan, that agency may not, solely on the basis 
                of that request, furnish that consumer report to 
                another person unless that other person--
                            ``(i) has submitted documentation to that 
                        agency certifying that such other person has, 
                        pursuant to paragraph (1), the authorization of 
                        the consumer to whom the consumer report 
                        relates; or
                            ``(ii)(I) has originated the current 
                        residential mortgage loan of the consumer;
                            ``(II) is the servicer of the current 
                        residential mortgage loan of the consumer; or
                            ``(III)(aa) is an insured depository 
                        institution or insured credit union; and
                            ``(bb) holds a current account for the 
                        consumer to whom the consumer report 
                        relates.''.
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