SB 0382 Prohibits release of nonpublic information by financial institutions
LR Number:1519L.08T Fiscal Note:1519-08
Committee:Financial and Governmental Organization
Last Action:05/23/01 - Signed by Governor (w/EC) Journal page:S1803
Title:HCS SCS SB 382
Effective Date:Emergency Clause
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Current Bill Summary

HCS/SCS/SB 382 - This act prohibits any person from disclosing "nonpublic private information" 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.

This act requires that the financial institution disclose its privacy policy at the time the relationship is established between consumers as new customers on or after July 1, 2001; and the financial institution must disclose the privacy policy to all existing customers by June 30, 2002.

This act has an emergency clause upon its passage and approval or July 1, 2001, whichever is later.

The act is similar to TAT SCS/HB 801 (2001).