An Act promoting consumer choice regarding the use of credit trigger leads

This bill requires credit reporting agencies and lenders to obtain explicit consumer consent before sharing loan application details with third parties. It directly affects consumers applying for loans (including mortgages, credit union loans, or bank loans) and the financial institutions handling those applications. Key provisions mandate that lenders provide clear, conspicuous notice at the time of application explaining consumers' right to opt-in to sharing their loan data, using specific language about consent and potential compensation for violations. The law prohibits selling or sharing this information without prior, informed consent.