Preforeclosure is the period after a homeowner defaults on their mortgage payments but before the lender initiates a full foreclosure. During this time, the homeowner is in a precarious position but still owns the property.
The act will be a first-of-its-kind as it places significant restrictions on the use of AI in the workplace. This will require businesses to take a closer look at their AI systems, including regular audits, and to ensure they are using these systems transparently and in compliance with state regulations.