H.R. 5817 (112th): Eliminate Privacy Notice Confusion Act

112th Congress, 2011–2013. Text as of May 17, 2012 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

2d Session

H. R. 5817

IN THE HOUSE OF REPRESENTATIVES

May 17, 2012

(for himself, Mr. Westmoreland, and Mr. Garrett) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Gramm-Leach-Bliley Act to provide an exception to the annual privacy notice requirement.

1.

Short title

This Act may be cited as the Eliminate Privacy Notice Confusion Act.

2.

Exception to annual privacy notice requirement under the Gramm-Leach-Bliley Act

Section 503 of the Gramm-Leach-Bliley Act (15 U.S.C. 6803) is amended by adding the following new subsections:

(f)

Exception to annual notice requirement

A financial institution that—

(1)

provides nonpublic personal information only in accordance with the provisions of subsection (b)(2) or (e) of section 502 or regulations prescribed under section 504(b),

(2)

does not share information with affiliates under section 603(d)(2)(A) of the Fair Credit Reporting Act, and

(3)

has not changed its policies and practices with regard to disclosing nonpublic personal information from the policies and practices that were disclosed in the most recent disclosure sent to consumers in accordance with this subsection,

shall not be required to provide an annual disclosure under this subsection until such time as the financial institution fails to comply with any criteria described in paragraph (1), (2), or (3).
(g)

Exception to notice requirement

A financial institution shall not be required to provide any disclosure under this section if—

(1)

the financial institution is licensed by a State and is subject to existing regulation of consumer confidentiality that prohibits disclosure of nonpublic personal information without knowing and expressed consent of the consumer in the form of laws, rules, or regulation of professional conduct or ethics promulgated either by the court of highest appellate authority or by the principal legislative body or regulatory agency or body of any State of the United States, the District of Columbia, or any territory of the United States; or

(2)

the financial institution is licensed by a State and becomes subject to future regulation of consumer confidentiality that prohibits disclosure of nonpublic personal information without knowing and expressed consent of the consumer in the form of laws, rules, or regulation of professional conduct or ethics promulgated either by the court of highest appellate authority or by the principal legislative body or regulatory agency or body of any State of the United States, the District of Columbia, or any territory of the United States.

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