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. Specifically, the bill restricts the sharing of consumer data with third parties without explicit consent. The goal is to protect individuals’ financial information and prevent potential misuse.
Key provisions
- Limits the types of personal information lenders can collect during mortgage applications.
- Prohibits the sharing of consumer data with third parties without explicit consent.
- Requires lenders to provide consumers with a clear explanation of how their data will be used.
- Establishes a process for consumers to access and correct their information.
- Creates a private right of action for consumers whose privacy rights are violated.
Who is affected
- Consumers applying for mortgages
- Mortgage lenders
- Financial institutions
- Massachusetts residents
Notable changes
- Requires explicit consent for data sharing.
- Provides consumers with greater control over their financial information.
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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