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IA HF857
Bill
Status
4/18/2025
Primary Sponsor
Commerce
Click for details
AI Summary
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Prohibits financial institutions from using unfair or deceptive practices when soliciting consumers with prescreened mortgage trigger lead information obtained from consumer reports after the consumer has applied for a loan with a different lender
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Defines "mortgage trigger lead" as a consumer report triggered by a credit inquiry related to an application for real property-secured credit, excluding reports obtained by the institution where the consumer initially applied or that holds their existing credit
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Requires financial institutions to clearly disclose they are not affiliated with the lender where the consumer originally applied, make firm offers of credit, and honor opt-out requests and do-not-call registries
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Prohibits bait-and-switch tactics where solicited rates, terms, or costs are later changed to the consumer's detriment
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Violations constitute an unlawful practice under Iowa Code section 714.16, effective July 1, 2025
Legislative Description
A bill for an act relating to solicitation by a financial institution using prescreened trigger lead information from a consumer report. (Formerly HSB 150.) Effective date: 07/01/2025.
Last Action
Signed by Governor. H.J. 1012.
4/18/2025