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GA HB1040
Bill
Status
Engrossed
2/26/2024
Primary Sponsor
Scott Hilton
Click for details
AI Summary
- Defines "mortgage trigger lead" as a consumer report issued when a credit inquiry is triggered by a mortgage application, excluding reports obtained by the lender/broker with whom the consumer originally applied or who holds their existing credit
- Prohibits mortgage lenders and brokers using trigger leads from failing to disclose in initial solicitations that they are not affiliated with the lender or broker the consumer originally applied with
- Bars solicitors from using trigger lead information on consumers who have opted out of prescreened credit offers or registered on the federal do-not-call registry
- Makes it unlawful to solicit consumers with advertised rates, terms, or costs that the solicitor knows will later be changed to the consumer's detriment
- Classifies violations as unfair or deceptive acts under Georgia's Fair Business Practices Act and adds these violations to the list of prohibited acts for licensed mortgage lenders and brokers under Title 7, effective upon the Governor's approval
Legislative Description
Mortgage lenders and brokers; prohibit unfair or deceptive practices in consumer transactions related to mortgage trigger leads
Last Action
Senate Read Second Time
3/18/2024
Committee Referrals
Banking and Financial Institutions2/27/2024
Banks and Banking1/26/2024
Full Bill Text
No bill text available