An Act protecting consumers' privacy in mortgage applications
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to safeguard consumer privacy during the mortgage application process in Massachusetts. It seeks to limit the types of personal information lenders can collect and how they can use it. The legislation intends to provide greater transparency and control for borrowers regarding their financial data. Specifically, it focuses on protecting sensitive information shared during mortgage applications.
Key provisions
- Limits the types of personal information lenders can collect.
- Requires lenders to obtain explicit consent before sharing consumer data.
- Establishes guidelines for how lenders can use collected information.
- Provides consumers with the right to access and correct their data.
- Mandates lenders to notify consumers about data sharing practices.
- Creates a process for consumers to opt-out of data sharing.
Who is affected
- Consumers
- Mortgage lenders
- Financial institutions
- Massachusetts residents
Notable changes
- Increases consumer control over personal financial information.
- Adds transparency requirements for mortgage lenders.
Bill text
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Sponsors
Official sponsors from legislative records.
3 on record
Primary sponsor
Daniel J. Hunt
Cosponsors
Daniel J. Hunt
Jack Patrick Lewis
Arguments
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