Homebuyers Privacy Protection Act

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1467 Introduced in Senate (IS)]

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119th CONGRESS
  1st Session
                                S. 1467

 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 SENATE OF THE UNITED STATES

                             April 10, 2025

  Mr. Reed (for himself, Mr. Hagerty, Mr. Van Hollen, Mr. Tillis, Ms. 
   Cortez Masto, Mr. Cramer, Ms. Smith, Mrs. Britt, Mr. Gallego, Mr. 
   Ricketts, Ms. Alsobrooks, Mr. Rounds, Mrs. Capito, Mr. Wyden, Mr. 
   Crapo, Mrs. Hyde-Smith, Mr. Whitehouse, Mr. Risch, Mr. King, Mr. 
 Tuberville, Mr. Fetterman, Ms. Klobuchar, Mr. Kaine, Ms. Rosen, Mrs. 
Shaheen, Mr. Blumenthal, Ms. Baldwin, Mr. Welch, Mr. Hickenlooper, Mr. 
Peters, Mr. Bennet, Mr. Markey, Mr. Schatz, Mr. Merkley, Mr. Kelly, and 
 Mrs. Fischer) introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 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) Credit union.--The term `credit 
                        union' means a Federal credit union or a State 
                        credit union, as those terms are defined 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, based in whole or 
                in part on that request, furnish a consumer report to 
                another person under this subsection unless--
                            ``(i) the transaction consists of a firm 
                        offer of credit or insurance; and
                            ``(ii) that other person--
                                    ``(I) has submitted documentation 
                                to that agency certifying that such 
                                other person has, pursuant to paragraph 
                                (1)(A), the authorization of the 
                                consumer to whom the consumer report 
                                relates; or
                                    ``(II)(aa) has originated a current 
                                residential mortgage loan of the 
                                consumer to whom the consumer report 
                                relates;
                                    ``(bb) is the servicer of a current 
                                residential mortgage loan of the 
                                consumer to whom the consumer report 
                                relates; or
                                    ``(cc)(AA) is an insured depository 
                                institution or credit union; and
                                    ``(BB) holds a current account for 
                                the consumer to whom the consumer 
                                report relates.''.

SEC. 3. EFFECTIVE DATE.

    This Act, and the amendments made by this Act, shall take effect on 
the date that is 180 days after the date of enactment of this Act.
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