Homebuyers Privacy Protection Act

1/14/2025, 6:20 PM

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.

Bill 118 s 3502, also known as the Homebuyers Privacy Protection Act, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to protect the privacy of individuals who are in the process of purchasing a home.

One of the key provisions of the Homebuyers Privacy Protection Act is that it would require all real estate agents and brokers to obtain written consent from homebuyers before sharing any personal information with third parties. This includes information such as the buyer's name, contact information, and financial details.

Additionally, the bill would also prohibit the sharing of any personal information without the buyer's consent for marketing purposes. This is aimed at preventing unwanted solicitations and protecting the privacy of homebuyers during what can be a stressful and overwhelming process. Overall, the Homebuyers Privacy Protection Act seeks to give individuals more control over their personal information when purchasing a home and ensure that their privacy rights are respected throughout the process. It is currently being debated in Congress and has garnered support from both sides of the aisle.
Congress
118
Number
S - 3502
Introduced on
2023-12-13
# Amendments
1
Sponsors
+5
Cosponsors
+5

Variations and Revisions

12/13/2023
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Passed in Senate

Purpose and Summary

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.

Bill 118 s 3502, also known as the Homebuyers Privacy Protection Act, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to protect the privacy of individuals who are in the process of purchasing a home.

One of the key provisions of the Homebuyers Privacy Protection Act is that it would require all real estate agents and brokers to obtain written consent from homebuyers before sharing any personal information with third parties. This includes information such as the buyer's name, contact information, and financial details.

Additionally, the bill would also prohibit the sharing of any personal information without the buyer's consent for marketing purposes. This is aimed at preventing unwanted solicitations and protecting the privacy of homebuyers during what can be a stressful and overwhelming process. Overall, the Homebuyers Privacy Protection Act seeks to give individuals more control over their personal information when purchasing a home and ensure that their privacy rights are respected throughout the process. It is currently being debated in Congress and has garnered support from both sides of the aisle.
Alternative Names
Official Title as IntroducedA bill to amend the Fair Credit Reporting Act to prevent consumer reporting agencies from furnishing consumer reports under certain circumstances, and for other purposes.
Policy Areas
Finance and Financial Sector

Comments

Related

Member:  Katie Boyd Britt
Member:  Robert P. Casey Jr.
Member:  Pete Ricketts
Member:  Tommy Tuberville
Member:  Michael F. Bennet
Member:  Edward J. Markey
Member:  Cindy Hyde-Smith
Bill Update Alert:  Homebuyers Privacy Protection Act
Committee:  Banking, Housing, and Urban Affairs

Recent Activity

Latest Summary7/26/2024

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 prov...

Latest Action12/18/2024
Held at the desk.