(a) In general

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

(4) Treatment of prescreening report requests

(A) Definitions

In this paragraph:

(i) Credit union

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

(ii) Insured depository institution

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)).

(iii) Residential mortgage loan

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).

(iv) Servicer

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)).

(B) Limitation

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

(II)

(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

(cc)

(AA)

is an insured depository institution or credit union; and

(BB)

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

(a) In general

The Comptroller General of the United States shall carry out a study on the value of trigger leads received by text message that includes input from State regulatory agencies, mortgage lenders, depository institutions (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)), consumer reporting agencies (as defined in section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a)), and consumers.

(b) Report

Not later than the end of the 12-month period beginning on the date of enactment of this Act, the Comptroller General shall submit to Congress a report containing any findings and determinations made in the study required by subsection (a).