A bill for an act relating to solicitation by a financial institution using prescreened trigger lead information from a consumer report.

SF 587 prohibits financial institutions from using deceptive tactics when soliciting consumers who have already applied for a loan with another institution, using pre-screened credit information from consumer reports. It requires clear disclosure that the soliciting institution isn't affiliated with the consumer's original lender, compliance with prescreening laws (including firm credit offers), and bans contacting consumers who opted out of such solicitations or are on federal do-not-call lists. The bill specifically targets mortgage-related solicitations using "mortgage trigger leads" from consumer reports, which are defined as credit reports obtained after a real estate credit application. Financial institutions violating these rules would face penalties under existing consumer protection laws. The bill directly affects lenders and mortgage brokers engaging in such solicitation practices.