California SB933 regulates the use of mortgage trigger lead information by financial institutions to prevent unfair practices.

California SB933 adds Section 22605 to the Financial Code, defining "mortgage trigger lead" as consumer report data obtained for real estate-secured loan applications. It prohibits financial institutions from using this information unfairly, deceptively, or abusively. Violations include failing to disclose information clearly, offering specific terms then changing them without justification, or using consumer information against opt-out requests or the federal "do not call" registry. Consumers can sue for damages, injunctive relief, and attorney's fees.

California SB933 regulates the use of mortgage trigger lead information by financial institutions to prevent unfair practices.

California SB933 adds Section 22605 to the Financial Code, defining "mortgage trigger lead" as consumer report data obtained for real estate-secured loan applications. It prohibits financial institutions from using this information unfairly, deceptively, or abusively. Violations include failing to disclose information clearly, offering specific terms then changing them without justification, or using consumer information against opt-out requests or the federal "do not call" registry. Consumers can sue for damages, injunctive relief, and attorney's fees.