In the nature of a substitute.

SA 3339. Mr. SCHUMER (for Mr. Reed (for himself and Mr. Hagerty))
proposed an amendment to the bill S. 3502, to amend the Fair Credit
Reporting Act to prevent consumer reporting agencies from furnishing
consumer reports under certain circumstances, and for other purposes;
as follows:

Strike all after the enacting clause and insert the
following:

SECTION 1. SHORT TITLE.

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

[[Page S7119]]

SEC. 2. TREATMENT OF PRESCREENING REPORT REQUESTS.

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 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 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)(I) has originated a current residential mortgage
loan of the consumer to whom the consumer report relates;
``(II) is the servicer of a current residential mortgage
loan of the consumer to whom the consumer report relates; or
``(III)(aa) is an insured depository institution or credit
union; and
``(bb) holds a current account for the consumer to whom the
consumer report relates.''.

SEC. 3. EFFECTIVE DATE.

This Act, and the amendments made by this Act, shall take
effect on the date that is 90 days after the date of
enactment of this Act.
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