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H.R. 818 (108th): Identity Theft Consumer Notification Act

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Feb 13, 2003.

Identity Theft Consumer Notification Act - Amends the Gramm-Leach-Bliley Act to include among mandatory consumer disclosures by a financial institution a statement informing the consumer of the institution's obligation to: (1) disclose that nonpublic personal information has been compromised; (2) provide assistance to remedy the compromise; and (3) reimburse any losses incurred as a result of such compromise.Permits waiver of such disclosure for a limited time at request of a law enforcement agency investigating such violation.Provides penalties for financial institution failure to notify and assist customers after an identity theft.Amends the Fair Credit Reporting Act to grant the Federal district courts jurisdiction in an action for identity theft. Tolls the two-year statute of limitations during any period during which a defendant has materially and willfully misrepresented any information to the plaintiff that is material to establishment of the defendant's liability.