Trigger Leads Bill Dropped from FY 2025 NDAA Conference Report

12/9/ 2024 – Despite successful efforts last month by our congressional allies – Senators Jack Reed (D-RI) and Bill Hagerty (R-TN) – in getting the bipartisan trigger leads Hagerty/Reed amendment included in the “managers’ amendment” to the Senate’s version of a Fiscal Year 2025 National Defense Authorization Act (NDAA), the provision was removed from the NDAA conference report just finalized between the House and Senate due to opposition from outgoing House Financial Services Committee Chair Patrick McHenry (R-NC).

The text of that negotiated conference report product (with no trigger leads provision) was formally released Saturday.

Why it matters: MBA is leading a diverse set of coalition partners to help our congressional allies – lead House sponsors Reps. John Rose (R-TN) and Ritchie Torres (D-NY), along with Senators Reed and Hagerty – advance needed reforms to curb the abusive use of trigger leads while preserving their use in appropriately limited circumstances during a real estate transaction. The Hagerty/Reed amendment mirrored the MBA-supported text of H.R. 7297/S. 3502, the Homebuyers Privacy Protection Act.

What’s next: Congress is expected to vote on the NDAA this week and faces a December 20, 2024, deadline to pass a continuing resolution (CR) to fund the government. In response to the amendment’s exclusion from the NDAA, Senators Reed and Hagerty may attempt to have their trigger leads amendment text included in the evolving version of a CR. The two Senators are also running a “hotline” to seek unanimous consent to pass S. 3502 in the Senate before year’s end – as a means to isolate any opposition and position the bill for the next Congress.

Go deeper: MBA will keep working with our allies – including a bipartisan set of 91 House and 43 Senate cosponsors – to explore any remaining options to get this important, bipartisan bill considered in the final days of the current session. If that doesn’t occur, MBA will work aggressively to advance this needed change to mortgage credit trigger leads policy with the 119th Congress.

For more information, please contact Bill Killmer at (202) 557-2936, Ethan Saxon at (202) 557-2913, George Rogers at (202) 557-2797, Madisyn Rhone at (202) 557-2741, and Rachel Kelley at (202) 557-2816.

Source : MBA NEWSLINK