Bills › 91st General Assembly
Relating to solicitation by a financial institution using prescreened trigger lead information from a consumer report
Sponsored by the Senate Commerce (companion To Hf 857 By Committee on Commerce) Committee
Topics:Business & economyInsurance
Where it is now
- Done: IntroducedFebruary 18, 2025
- Done: SubcommitteeFebruary 18, 2025
- Done: Senate committeeMarch 6, 2025
- Done: Passes the SenateApril 9, 202547–0
- Skipped: House committeeSkipped
- Done: Passes the HouseMarch 19, 202596–0
- Done: To the GovernorApril 17, 2025
- Done: Signed into lawApril 18, 2025
HF 857 became law → The same legislation passed as HF 857, so this version was set aside. Go to HF 857 What’s a funnel?
What’s in it
AI summary Banks and lenders are prohibited from using unfair or deceptive tricks when they contact people who have applied for a mortgage elsewhere. These companies must clearly state they are not the original lender and cannot ignore do-not-call requests or change promised rates and terms later. This rule ensures that when a bank uses your credit information to send you an offer, they are being honest about who they are and what they are offering.1
Read the official explanation
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. A financial institution is engaged in an unfair or deceptive practice when in an initial phase of a solicitation from a lender or loan broker, the financial institution fails to clearly and conspicuously state that the financial institution 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. 16.
Why it matters. Financial institutions would be prohibited from using unfair or deceptive practices when using mortgage trigger lead information to solicit people who have applied for loans elsewhere. These institutions must clearly state they are not affiliated with the original lender and cannot ignore do-not-call registries or opt-out requests. They are also barred from changing the rates, terms, or costs of an offer to the detriment of the consumer.2
Senate subcommittee
Named February 18, 2025 (as SSB 1145). On March 4, 2025 it recommended amendment and passage.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
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91st General Assembly