[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1967 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 1967

 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 share personal information with affiliates, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 19, 2007

  Mr. Roskam (for himself and Mr. Marshall) 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 from the 
    continuing requirement for annual privacy notices for financial 
 institutions which do not share personal information with affiliates, 
                        and for other purposes.

    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 ``Financial Privacy Notice Relief Act 
of 2007''.

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 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);
            ``(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).''.
                                 <all>