118 S3502 IS: Homebuyers Privacy Protection Act U.S. Senate 2023-12-13 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II118th CONGRESS1st SessionS. 3502IN THE SENATE OF THE UNITED STATESDecember 13, 2023Mr. Reed (for himself and Mr. Hagerty) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban AffairsA BILLTo amend the Fair Credit Reporting Act to prevent consumer reporting agencies from furnishing consumer reports under certain circumstances, and for other purposes.

1.

Short title

This Act may be cited as the Homebuyers Privacy Protection Act.

2.

Treatment of prescreening report requests

Section 604(c) of the Fair Credit Reporting Act (15 U.S.C. 1681b(c)) is amended by adding at the end the following:(4)

Treatment of prescreening report requests

(A)

Definitions

In this paragraph:(i)

Insured credit union

The term insured credit union has the meaning given the term in section 101 of the Federal Credit Union Act (12 U.S.C 1752). (ii)

Insured depository institution

The term insured depository institution has the meaning given the term in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813(c)). (iii)

Residential mortgage loan

The term residential mortgage loan has the meaning given the term in section 1503 of the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5102).(iv)

Servicer

The term servicer has the meaning given the term in section 6(i) of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2605(i)).(B)

Limitation

If a person requests a consumer report from a consumer reporting agency in connection with a credit transaction involving a residential mortgage loan, that agency may not, solely on the basis of that request, furnish that consumer report to another person unless that other person—(i)has submitted documentation to that agency certifying that such other person has, pursuant to paragraph (1), the authorization of the consumer to whom the consumer report relates; or(ii)(I)has originated the current residential mortgage loan of the consumer;(II)is the servicer of the current residential mortgage loan of the consumer; or(III)(aa)is an insured depository institution or insured credit union; and(bb)holds a current account for the consumer to whom the consumer report relates..