[Congressional Record Volume 170, Number 187 (Tuesday, December 17, 2024)]
[Senate]
[Page S7093]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   HOMEBUYERS PRIVACY PROTECTION ACT

  Mr. SCHUMER. Mr. President, I ask unanimous consent that the 
Committee on Banking, Housing, and Urban Affairs be discharged from 
further consideration of S. 3502 and the Senate proceed to its 
immediate consideration.
  The PRESIDING OFFICER. The clerk will report the bill by title.
  The senior assistant legislative clerk read as follows:

       A bill (S. 3502) to amend the Fair Credit Reporting Act to 
     prevent consumer reporting agencies from furnishing consumer 
     reports under certain circumstances, and for other purposes.

  There being no objection, the committee was discharged, and the 
Senate proceeded to consider the bill.
  Mr. SCHUMER. I ask unanimous consent that the Reed-Hagerty substitute 
amendment be considered and agreed to; that the bill, as amended, be 
considered read a third time and passed; and that the motion to 
reconsider be considered made and laid upon the table.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The amendment (No. 3339), in the nature of a substitute, was agreed 
to, as follows:

                (Purpose: In the nature of a substitute)

       Strike all after the enacting clause and insert the 
     following:

     SECTION 1. SHORT TITLE.

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

     SEC. 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) Credit union.--The term `credit union' means a 
     Federal credit union or a State credit union, as those terms 
     are defined 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, based in whole or in part on that request, 
     furnish a consumer report to another person under this 
     subsection unless that other person--
       ``(i) has submitted documentation to that agency certifying 
     that such other person has, pursuant to paragraph (1)(A), the 
     authorization of the consumer to whom the consumer report 
     relates; or
       ``(ii)(I) has originated a current residential mortgage 
     loan of the consumer to whom the consumer report relates;
       ``(II) is the servicer of a current residential mortgage 
     loan of the consumer to whom the consumer report relates; or
       ``(III)(aa) is an insured depository institution or credit 
     union; and
       ``(bb) holds a current account for the consumer to whom the 
     consumer report relates.''.

     SEC. 3. EFFECTIVE DATE.

       This Act, and the amendments made by this Act, shall take 
     effect on the date that is 90 days after the date of 
     enactment of this Act.

  The bill (S. 3502), as amended, was ordered to be engrossed for a 
third reading, was read the third time, and passed.

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