[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5817 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 5817

  To amend the Gramm-Leach-Bliley Act to provide an exception to the 
                   annual privacy notice requirement.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 17, 2012

   Mr. Luetkemeyer (for himself, Mr. Westmoreland, and Mr. Garrett) 
 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 to the 
                   annual privacy notice requirement.

    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 subsections:
    ``(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).
    ``(g) Exception to Notice Requirement.--A financial institution 
shall not be required to provide any disclosure under this section if--
            ``(1) the financial institution is licensed by a State and 
        is subject to existing regulation of consumer confidentiality 
        that prohibits disclosure of nonpublic personal information 
        without knowing and expressed consent of the consumer in the 
        form of laws, rules, or regulation of professional conduct or 
        ethics promulgated either by the court of highest appellate 
        authority or by the principal legislative body or regulatory 
        agency or body of any State of the United States, the District 
        of Columbia, or any territory of the United States; or
            ``(2) the financial institution is licensed by a State and 
        becomes subject to future regulation of consumer 
        confidentiality that prohibits disclosure of nonpublic personal 
        information without knowing and expressed consent of the 
        consumer in the form of laws, rules, or regulation of 
        professional conduct or ethics promulgated either by the court 
        of highest appellate authority or by the principal legislative 
        body or regulatory agency or body of any State of the United 
        States, the District of Columbia, or any territory of the 
        United States.''.
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