HB1184

House Bill 1184 amends the Arkansas Fair Mortgage Lending Act to regulate the use of 'mortgage trigger leads.' These leads occur when consumer credit reports are triggered by an inquiry from a mortgage application, often leading to unsolicited solicitations from third-party lenders. The bill defines these leads and prohibits their use in a misleading or deceptive manner. Specifically, it requires loan officers using such leads to provide clear disclosures regarding their identity, the origin of the consumer's contact information, and their lack of affiliation with the consumer's original lender. Furthermore, it mandates that solicitors clearly state the purpose of the communication and adhere to federal regulations regarding firm offers of credit. Finally, the bill prohibits soliciting consumers who have opted out of prescreened credit offers or who are on the national 'Do-Not-Call' registry.