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Committee advances 'mortgage trigger' bill aimed at curbing post-application solicitations
Banks and Financial Institutions · February 22, 2024
AI-Generated Content: All content on this page was generated by AI to highlight key points from the meeting. For complete details and context, we recommend watching the full video. so we can fix them.
Summary
A committee hearing on a mortgage 'trigger' bill led lawmakers to adopt language requiring disclosure of affiliation by third-party mortgage solicitants, opt-out protections, and prohibitions on bait-and-switch offers; the committee voted to favorably report the measure.
An introducer (unnamed in the transcript) presented a mortgage "trigger" bill to the Banks and Financial Institutions committee intended to limit unsolicited third-party solicitations after a consumer applies for a mortgage. The sponsor said the measure targets marketing practices that inundate consumers…
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