|S.F. No. 241 - Credit Inquiries (second engrossment)|
|Author:||Senator Warren Limmer|
|Prepared by:||Dalene Sliwa, Senate Research (651/296-1890)|
|Date:||April 5, 2007|
Section 1, subdivision 3, prohibits a consumer reporting agency or other business entity from selling
or exchanging information with a third party about the existence of a credit inquiry arising from a
consumer mortgage loan application, unless the third party holds an existing mortgage loan on the
property. Specifies that the subdivision does not apply to:
(1) information provided by a mortgage originator or servicer to a third party providing services in connection with the mortgage origination or servicing;
(2) a proposed or actual securitization;
(3) a secondary mark sale; or
(4) a similar transaction related to the consumer mortgage loan
Clarifies that for purposes of the subdivision, "third party" does not include an affiliate of the consumer reporting agency or other business entity.
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