[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3506 Referred in Senate (RFS)]

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.

    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 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).''.

SEC. 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.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.