II
114th CONGRESS
1st Session
S. 423
IN THE SENATE OF THE UNITED STATES
February 10, 2015
Mr. Moran (for himself, Ms. Heitkamp, Mr. Crapo, Mr. Kirk, Mr. Cotton, Mr. Scott, Mr. Heller, Ms. Warren, Mr. Corker, Mr. Merkley, Mr. Toomey, Mr. Warner, and Mr. Tester) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To amend the Gramm-Leach-Bliley Act to provide an exception to the annual written privacy notice requirement.
Short title
This Act may be cited as the Privacy Notice Modernization Act of 2015
.
Exception to annual written 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 at the end the following:
Exception to annual written notice requirement
A financial institution that—
provides nonpublic personal information in accordance with the provisions of subsection (b)(2) or (e) of section 502 or regulations prescribed under section 504(b);
has not changed its policies and practices with respect 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 section; and
otherwise provides customers access to such most recent disclosure in electronic or other form permitted by regulations prescribed under section 504,
.