Homebuyers Privacy Protection Act

Hozzl · 2025-01-14T18:20:21Z

Explore the details of Senate Bill 3502 Homebuyers Privacy Protection Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

1/14/2025, 6:20 PM

Summary of Bill S 3502

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.

Congressional Summary of S 3502

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.

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Current Status of Bill S 3502

Bill S 3502 is currently in the status of Passed in Senate since December 17, 2024. Bill S 3502 was introduced during Congress 118 and was introduced to the Senate on December 13, 2023. Bill S 3502's most recent activity was Held at the desk. as of December 18, 2024

Bipartisan Support of Bill S 3502

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3502

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 3502

Homebuyers Privacy Protection ActA bill to amend the Fair Credit Reporting Act to prevent consumer reporting agencies from furnishing consumer reports under certain circumstances, and for other purposes.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.Homebuyers Privacy Protection Act

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