SCS/HB 801 - This act prohibits any person from disclosing "nonpublic private information" held by a financial institution to a third party. The state agencies regulating activities of financial institutions which are subject to Title V of the Gramm- Leach-Bliley Financial Modernization Act of 1999 have rulemaking authority to carry out this provision. Any rule created cannot be more restrictive than those in Title V of the Gramm-Leach- Bliley Financial Modernization Act of 1999.

The financial institution must disclose its privacy policy at the time a customer relationship is established on or after July 1, 2001; and the financial institution must disclose the privacy policy to all existing customers before June 30, 2002.

This act has an emergency clause.

This act is similar to SB 382 (2001) and SB 329 (2001).
JULIA SOMMER GRUS