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H.R. 2396: Privacy Notification Technical Clarification Act

The text of the bill below is as of Dec 4, 2017 (Reported by House Committee).


IB

Union Calendar No. 321

115th CONGRESS

1st Session

H. R. 2396

[Report No. 115–434]

IN THE HOUSE OF REPRESENTATIVES

May 4, 2017

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

December 4, 2017

Additional sponsors: Mr. Sherman, Mr. Luetkemeyer, Mr. Meeks, Mr. Messer, Mr. Rothfus, and Mr. Gonzalez of Texas

December 4, 2017

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

Strike out all after the enacting clause and insert the part printed in italic

For text of introduced bill, see copy of bill as introduced on May 4, 2017


A BILL

To amend the Gramm-Leach-Bliley Act to update the exception for certain annual notices provided by financial institutions.


1.

Short title

This Act may be cited as the Privacy Notification Technical Clarification Act.

2.

Exception to annual notice requirement

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

(g)

Additional exception to annual notice requirement

(1)

In general

A financial institution that 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 section shall not be required to provide an annual disclosure under this section if—

(A)

the financial institution makes its current policy available to consumers on its website and via mail upon written request sent to a designated address identified for the purpose of requesting the policy or upon telephone request made using a toll free consumer service telephone number; and

(B)

the financial institution conspicuously notifies consumers of the availability of the current policy, including—

(i)

with respect to consumers who are entitled to a periodic billing statement, a message on or with each periodic billing statement; and

(ii)

with respect to consumers who are not entitled to a periodic billing statement, through other reasonable means such as on its website or with other written communication, including electronic communication, sent to the consumer.

(2)

Treatment of multiple policies

If a financial institution maintains more than one set of policies described under paragraph (1) that vary depending on the consumer’s account status or State of residence, the financial institution may comply with the website posting requirement in paragraph (1)(A) by posting all of such policies to the public section of the financial institution’s website, with instructions for choosing the applicable policy.

.

December 4, 2017

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed