Trigger Leads Abatement Act of 2023

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.