HSB 150: Relating to solicitation by a financial institution using prescreened trigger lead information from a consumer report

What it does

This bill relates to solicitation by a financial institution using prescreened trigger lead information from a consumer report. Under the bill, a financial institution shall not use an unfair or deceptive practice when using prescreened mortgage trigger lead information derived from a consumer report to solicit a consumer who has applied for a loan with a different financial institution. “Consumer report”, “financial institution”, and “mortgage trigger lead” are defined in the bill. _____ is not affiliated with the financial institution with which the consumer initially applied; fails to conform to state and federal law relating to prescreened solicitations using consumer reports, including but not limited to the requirement to make a firm offer of credit to the consumer; uses information regarding a consumer who has opted out of prescreened offers of credit or who has placed the consumer’s contact information on a federal do-not-call registry; or solicits a consumer with an offer of certain rates, terms, or costs, but subsequently changes the rates, terms, or costs to the detriment of the consumer.

House subcommittee · named February 11, 2025

• Rep. Carter F. Nordman (R) · carter.nordman@legis.iowa.gov
• Rep. Rob Johnson (D) · rob.johnson@legis.iowa.gov
• Rep. Shannon Latham (R) · shannon.latham@legis.iowa.gov

Lobbying · 9 for, 0 against

For: AARP Iowa; Farm Credit Service of America; Greater Des Moines Habitat for Humanity; Habitat for Humanity of Iowa; Home Builders Association of Iowa; Iowa Association of Realtors; Iowa Bankers Association; Iowa Credit Union League; Iowa Mortgage Association

In plain words

1. February 11, 2025Filed in the House and sent to the Commerce committee
2. February 11, 2025House subcommittee named: Nordman, Johnson, R. and Latham
3. February 26, 2025Subcommittee recommended passing it with changes
4. March 4, 2025Approved by the House committee
5. March 4, 2025Committee vote: 23–0
6. March 7, 2025Approved by the House committee, and given a new number: HF 857