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Credit reporting agencies will no longer be allowed to sell consumers’ contact information when they apply for a residential mortgage under a law set to take effect next year.
Under current law, when a bank checks on credit from a credit reporting agency for a customer requesting a mortgage, the process “triggers” unsolicited inquiries to prospective homebuyers.
With many of those calls coming from unscreened and unknown enterprises, that often creates hassles and confusion for consumers about which lender they are working with, according to the Maine Bankers Association.
Under the bipartisan Homebuyers Privacy Protection Act amends abusive mortgage "trigger leads" by only allowing contact infoprmation to be sold to third parties under limited circumstances.
The measure, co-sponsored by the U.S. Sen. Angus King, I-Maine, and supported by the other three members of Maine’s congressional delegation, was passed by the House and Senate over the summer.
Signed into law by President Donald Trump on Sept. 5, the new measure is slated to take effect in early March.
“Maine’s banking community thanks our leaders in Congress for passing this important law which provides additional consumer protections, mitigating potential scams and harmful sales tactics,” said Jim Roche, president of the Maine Bankers Association, a trade group based in Westbrook.
“Thanks to this bipartisan effort, consumers will now have more control over their private financial details and will be shielded from incessant solicitation as they apply for a mortgage,” he added.
Maine credit unions also support the new legislation.
“Maine’s credit unions welcome the Homebuyers Privacy Protection Act, which reinforces our longstanding commitment to protecting member information,” Jared Gay, director of governmental affairs and compliance at the Maine Credit Union League, said in a statement emailed to Mainebiz.
"This new law will help ensure that Mainers can pursue homeownership without facing unwanted solicitations, while continuing to rely on the trusted guidance of their local credit union," he added.
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Learn moreThe Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Work for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Whether you’re a developer, financer, architect, or industry enthusiast, Groundbreaking Maine is crafted to be your go-to source for valuable insights in Maine’s real estate and construction community.
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