A new law is set to enact a national prohibition on the misuse of trigger leads by companies making credit offers without explicit consumer consent. Only bona fide offers will be allowed, and these offers must originate from existing associations, such as mortgage originators or credit unions. With bipartisan support and pending signature from the president, the act aims to end unwanted solicitations during the mortgage process. The law includes a provision for studying trigger lead impacts via text message. It is considered a significant win for consumer protection in home buying.
The legislation prohibits companies from making credit offers unless the consumer has provided explicit consent or the offer is from their existing mortgage originator or servicer.
The act is aimed at protecting consumers from unwanted solicitation after they apply for a mortgage, marking a significant victory for borrowers.
The directive added to the House version requires the Comptroller General to study the impact of trigger leads sent by text message, with findings due within 12 months.
The legislation, sponsored by bipartisan representatives and senators, aims to establish more efficient and respectful home buying processes.
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