Regulates use of artificial intelligence in mortgage lending to minimize discrimination.
This bill regulates the use of generative artificial intelligence in certain mortgage lending decision tools to minimize discrimination in lending. It prohibits the sale, development, use, or offering of an artificial intelligence mortgage loan tool in the State unless it has undergone a bias audit, includes an annual bias audit service, is sold with a notice of the bill's provisions, and the developer has implemented the most recent audit's recommendations. It also requires lenders to notify applicants of AI tool use and to post bias audit summaries on their websites.
The filed bill text is too short for analysis.