Homebuyers Privacy Protection Act

This Act may be cited as the Homebuyers Privacy Protection Act.

Section 604(c) of the Fair Credit Reporting Act (15 U.S.C. 1681b(c)) is amended by adding at the end the following:

In this paragraph:

The term credit union means a Federal credit union or a State credit union, as those terms are defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752).

The term insured depository institution has the meaning given the term in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813(c)).

The term residential mortgage loan has the meaning given the term in section 1503 of the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5102).

The term servicer has the meaning given the term in section 6(i) of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2605(i)).

If a person requests a consumer report from a consumer reporting agency in connection with a credit transaction involving a residential mortgage loan, that agency may not, based in whole or in part on that request, furnish a consumer report to another person under this subsection unless—

(i) the transaction consists of a firm offer of credit or insurance; and

(ii) that other person—

(I) has submitted documentation to that agency certifying that such other person has, pursuant to paragraph (1)(A), the authorization of the consumer to whom the consumer report relates; or

(aa) has originated a current residential mortgage loan of the consumer to whom the consumer report relates;

(bb) is the servicer of a current residential mortgage loan of the consumer to whom the consumer report relates; or

(AA) is an insured depository institution or credit union; and

(BB) holds a current account for the consumer to whom the consumer report relates.

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This Act, and the amendments made by this Act, shall take effect on the date that is 180 days after the date of enactment of this Act.