Homebuyers Privacy Protection Act
Officially: “Homebuyers Privacy Protection Act” Read the full text
What it does
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1Short title
This section says the short title of this Act is the Homebuyers Privacy Protection Act.
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1. Short title This Act may be cited as the Homebuyers Privacy Protection Act .
2Treatment of prescreening report requests
This section would add a new paragraph, headed "Treatment of prescreening report requests," to section 604(c) of the Fair Credit Reporting Act (15 U.S.C. 1681b(c)), the provision that lets a consumer reporting agency furnish consumer reports for firm offers of credit or insurance (prescreening). The new paragraph would first define four terms used in it: "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; "insured depository institution" has the meaning given in section 3 of the Federal Deposit Insurance Act; "residential mortgage loan" has the meaning given in section 1503 of the S.A.F.E. Mortgage Licensing Act of 2008; and "servicer" has the meaning given in section 6(i) of the Real Estate Settlement Procedures Act of 1974. It would then set this limitation: if a person requests a consumer report from a consumer reporting agency in connection with a credit transaction involving a residential mortgage loan, the agency could not, based in whole or in part on that request, furnish a consumer report about that consumer to another person unless both of the following are true. First, the transaction must consist of a firm offer of credit or insurance. Second, the other person receiving the report must either (a) have submitted documentation to the agency certifying that the other person already has the consumer's authorization under the existing prescreening authorization rule, or (b) have originated a current residential mortgage loan of that consumer, be the servicer of a current residential mortgage loan of that consumer, or be an insured depository institution or credit union that holds a current account for that consumer.
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2. Treatment of prescreening report requests (a) In general 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, respectively, 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. .
3Effective date
This section would make this Act, and the amendments it makes, take effect on the date that is 180 days after the date this Act is enacted.
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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.
4GAO study
This section would require the Comptroller General of the United States to carry out a study on the value of trigger leads received by text message. The study would include input from State regulatory agencies, mortgage lenders, depository institutions (as defined in section 3 of the Federal Deposit Insurance Act), consumer reporting agencies (as defined in section 603 of the Fair Credit Reporting Act), and consumers. Not later than the end of the 12-month period beginning on the date this Act is enacted, the Comptroller General would have to submit a report to Congress containing any findings and determinations made in the study.
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4. GAO study (a) In general The Comptroller General of the United States shall carry out a study on the value of trigger leads received by text message that includes input from State regulatory agencies, mortgage lenders, depository institutions (as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 )), consumer reporting agencies (as defined in section 603 of the Fair Credit Reporting Act ( 15 U.S.C. 1681a )), and consumers. (b) Report Not later than the end of the 12-month period beginning on the date of enactment of this Act, the Comptroller General shall submit to Congress a report containing any findings and determinations made in the study required by subsection (a). Passed the House of Representatives June 23, 2025. Kevin F. McCumber, Clerk.
Where it is
In the House.