The Homebuyers Privacy Protection Act

The Homebuyers Privacy Protection Act aims to prevent consumer reporting agencies from furnishing consumer reports under certain circumstances.

Section 1: Short Title

This Act may be cited as the "Homebuyers Privacy Protection Act".

Section 2: Treatment of Pre-Screening 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 Licensings Act of 2008 (12 U.S.C. 5102). ‘‘(iv) SERVICER .—The term “servicer” has the meaning given the term in section 101 of the Servicemembers Civil Relief Act (50 U.S.C. App. § 3911). ‘‘(B) Limitation on Disclosure.—If a consumer reporting agency receives a request for a consumer report from an originator or servicer of a residential mortgage loan, that agency may not, based in whole or in part on such request, furnish the consumer report to any other person unless— ‘‘(i) the transaction consists of a firm offer of credit or insurance; and ‘‘(ii) the other person has submitted documentation to the 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)(aa) is the originator or servicer of a current residential mortgage loan of the consumer to whom the consumer report relates; and ‘‘(bb) holds a current account for the consumer to whom the consumer report relates.’’.

The agency may not furnish the consumer report to another person unless the request is related to a firm offer of credit or insurance, or if that other person has authorized the report. The authorization can be submitted by the other person in writing to the agency.

Section 3: Effective Date

This Act, and the amendments made by this Act, shall take effect on the date that is 180 days after the date of enactment of this Act.