Eliminate Privacy Notice Confusion Act - Amends the Gramm-Leach-Bliley Act to exempt from its annual privacy policy notice requirement any financial institution which: (1) provides nonpublic personal information only in accordance with specified requirements, and (2) has not changed its policies and practices with regard to disclosing nonpublic personal information from those disclosed in the most recent disclosure sent to consumers.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5817 Introduced in House (IH)]
112th CONGRESS
2d Session
H. R. 5817
To amend the Gramm-Leach-Bliley Act to provide an exception to the
annual privacy notice requirement.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 17, 2012
Mr. Luetkemeyer (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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Eliminate Privacy Notice Confusion
Act''.
SEC. 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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Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Mrs. Capito moved to suspend the rules and pass the bill.
Considered under suspension of the rules.
DEBATE - The House proceeded with forty minutes of debate on H.R. 5817.
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
ORDER OF PROCEDURE - Mrs. Capito asked unanimous consent to withdraw her motion to suspend the rules and pass H.R. 5817. Agreed to without objection. (consideration: CR H6656)
Mrs. Capito moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H6723-6724)
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DEBATE - The House proceeded with forty minutes of debate on H.R. 5817.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H6723)
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H6723)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.