Telephone Record Privacy Act of 1981

Telephone Record Privacy Act of 1981 - Prohibits a communication common carrier from disclosing information contained in the toll records of any customer to any Government authority except in accordance with procedures established under this Act. Requires the Government authority to certify compliance in writing to such common carrier.

Sets forth procedures for disclosure of toll records to a Government authority pursuant to administrative summons or subpoena, search warrant, judicial subpoena, or formal written request.

Permits disclosure of toll records pursuant to administrative summons or subpoena, judicial subpoena, and formal written request only if there is reason to believe that the records sought are relevant to a legitimate law enforcement inquiry and notice is served upon the customer.

Authorizes disclosure by search warrant obtained pursuant to the Federal Rules of Criminal Procedure. Requires a copy of the warrant and a special notice to be mailed to the customer not later than 90 days after the Government authority serves the warrant.

Permits the delay of notification under certain circumstances.

Authorizes a customer to file a motion to quash an administrative summons or judicial subpoena or to enjoin a formal written request in the court issuing the subpoena or an appropriate Federal district court. Makes the challenge provisions of this Act the sole remedy for opposing disclosure.

Prohibits the transfer of toll records to another agency without certification that the records are relevant to a legitimate law enforcement inquiry within the jurisdiction of the receiving agency.

Makes this Act inapplicable to disclosure of toll records pursuant to requests from a Government agency authorized to conduct foreign intelligence activities or the Secret Service in performing its protective functions. Permits a Government authority to obtain toll records upon a determination that delay would create imminent danger of physical injury to any person, serious property damage, or flight to avoid prosecution.

Makes a Government agency or communications carrier which violates this Act liable to a customer for actual and punitive damages, legal costs, and $100 without regard to the volume of records involved.

Requires the Director of the Administrative Office of the United States Courts to report annually to Congress on the number of delays of notice and customer challenges made under this Act.

Makes this Act inapplicable to the Securities and Exchange Commission for two years following enactment.