H.R. 3506

To amend the Gramm-Leach-Bliley Act to provide an exception from the continuing requirement for annual privacy notices for financial institutions which do not change their 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, and for other purposes.

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IIB

111th CONGRESS

2d Session

H. R. 3506

IN THE SENATE OF THE UNITED STATES

April 15, 2010

Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs

AN ACT

To amend the Gramm-Leach-Bliley Act to provide an exception from the continuing requirement for annual privacy notices for financial institutions which do not change their 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, and for other purposes.

1.

Short title

This Act may be cited as the Eliminate Privacy Notice Confusion Act.

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 subsection:

(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); and

(2)

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) or (2).

.

3.

Budget compliance

The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the Committee on the Budget of the House of Representatives, provided that such statement has been submitted prior to the vote on passage.

Passed the House of Representatives April 14, 2010.

Lorraine C. Miller,

Clerk.