The new regulations in Idaho, effective July 1, aim to control the use of consumer information related to mortgage credit inquiries, particularly regarding mortgage trigger leads. These provisions ensure firms disclose their lack of ties to original lenders when using such leads and require informing consumers about data purchases made without consent. Exemptions exist for certain financial entities. This legislation, supported by mortgage trade associations, follows similar laws in other states and coincides with national efforts to enhance consumer protection in mortgage lending practices.
These provisions, effective July 1, regulate consumer information linked to mortgage credit inquiries, mandating disclosure of data source and adherence to prescreening rules.
Idaho's new laws on mortgage trigger leads reflect an ongoing effort to govern the use of consumer data in mortgage lending, addressing privacy concerns and transparency.
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