Trigger Leads Abatement Act of 2023

Hozzl · 2023-12-15T15:56:58Z

Explore the details of House Bill 2656 Trigger Leads Abatement Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/15/2023, 3:56 PM

Summary of Bill HR 2656

Bill 118 HR 2656, also known as the Trigger Leads Abatement Act of 2023, aims to address the issue of trigger leads in the mortgage industry. Trigger leads are generated when a consumer applies for a mortgage and their information is sold to multiple lenders, resulting in a flood of unsolicited offers and potential privacy concerns.

The bill seeks to establish regulations that would require mortgage lenders to obtain explicit consent from consumers before sharing their information with third parties for marketing purposes. This would help protect consumers from receiving unwanted solicitations and ensure that their personal information is not being misused.

Additionally, the bill includes provisions for penalties for lenders who violate these regulations, including fines and potential legal action. By implementing these measures, the Trigger Leads Abatement Act of 2023 aims to promote transparency and accountability in the mortgage industry, ultimately benefiting consumers and safeguarding their privacy rights.

Current Status of Bill HR 2656

Bill HR 2656 is currently in the status of Bill Introduced since April 17, 2023. Bill HR 2656 was introduced during Congress 118 and was introduced to the House on April 17, 2023. Bill HR 2656's most recent activity was Referred to the House Committee on Financial Services. as of April 17, 2023