Protecting Consumers from Abusive Mortgage Leads Act
2/1/2024, 8:30 AMSummary of Bill HR 4198
Bill 118 hr 4198, also known as the Protecting Consumers from Abusive Mortgage Leads Act, aims to address the issue of deceptive and harmful practices in the mortgage lead generation industry. The bill seeks to protect consumers from being misled by companies that use aggressive tactics to gather personal information for mortgage leads.The legislation includes provisions that require mortgage lead generators to clearly disclose their identity and purpose when collecting consumer information. It also prohibits the use of misleading or false advertising to entice consumers to provide their personal information.
Additionally, the bill establishes penalties for companies that violate these regulations, including fines and potential criminal charges. It also empowers the Consumer Financial Protection Bureau to enforce these regulations and investigate complaints from consumers. Overall, the Protecting Consumers from Abusive Mortgage Leads Act aims to promote transparency and accountability in the mortgage lead generation industry, ultimately protecting consumers from deceptive practices and ensuring that their personal information is handled responsibly.
Congressional Summary of HR 4198
Protecting Consumers from Abusive Mortgage Leads Act
This bill prohibits a credit reporting agency from providing a consumer's credit report to a third party in connection with a mortgage transaction unless (1) the third party provides documentation certifying that it has the consumer's consent, or (2) the third party has a current financial service relationship with the consumer.
Read the Full Bill
Current Status of Bill HR 4198
Bill HR 4198 is currently in the status of Bill Introduced since June 16, 2023. Bill HR 4198 was introduced during Congress 118 and was introduced to the House on June 16, 2023. Bill HR 4198's most recent activity was Referred to the House Committee on Financial Services. as of June 16, 2023Bipartisan Support of Bill HR 4198
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
20Democrat Cosponsors
6Republican Cosponsors
14Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 4198
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HR 4198
Protecting Consumers from Abusive Mortgage Leads ActProtecting Consumers from Abusive Mortgage Leads ActTo amend section 604(c) of the Fair Credit Reporting Act to address the treatment of pre-screening report requests, and for other purposes.Comments
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Sponsors and Cosponsors of HR 4198
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