A new bill regarding trigger leads in lending has gained bipartisan support in Congress, with expectations for a final rule by the end of 2025. The bill mandates that offers must be genuine, ensuring lenders are ready to offer real credit to consumers. There are still technical differences between the House and Senate versions required to be reconciled. Additionally, a study on the impact of trigger leads delivered by text message is mandated, emphasizing consumer protection in lending practices.
However, offers must be bona fide, meaning the lender must be prepared to extend real credit.
...the House version reintroduced in the 119th Congress in April has bipartisan, bicameral support.
We need the entire weight of the industry behind this legislation until it crosses the finish line.
According to Killmer, the bill, if enacted, would protect consumers from abusive, sometimes predatory practices.
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