[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 3164 Introduced in Senate (IS)]

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115th CONGRESS
  2d Session
                                S. 3164

To amend the Gramm-Leach-Bliley Act to update the exception for certain 
           annual notices provided by financial institutions.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 28, 2018

 Mr. Jones (for himself and Mr. Heller) 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 update the exception for certain 
           annual notices provided by financial institutions.

    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 ``Privacy Notification Technical 
Clarification Act''.

SEC. 2. EXCEPTION TO ANNUAL NOTICE REQUIREMENT.

    Section 503 of the Gramm-Leach-Bliley Act (15 U.S.C. 6803) is 
amended by adding at the end the following:
    ``(g) Additional Exception to Annual Notice Requirement.--
            ``(1) Definition.--In this subsection, the term `vehicle 
        financial company' means--
                    ``(A) a financial institution that--
                            ``(i) is regularly engaged in the business 
                        of extending credit for the purchase of 
                        vehicles;
                            ``(ii) is affiliated with a vehicle 
                        manufacturer; and
                            ``(iii) only shares nonpublic personal 
                        information of consumers with nonaffiliated 
                        third parties that are vehicle dealers; or
                    ``(B) a financial institution that--
                            ``(i) regularly engages in the business of 
                        extending credit for the purchase or lease of 
                        vehicles from vehicle dealers; or
                            ``(ii) purchases vehicle installment sales 
                        contracts or leases from vehicle dealers.
            ``(2) Annual disclosure not required.--A vehicle financial 
        company that 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 section 
        shall not be required to provide an annual disclosure under 
        this section if--
                    ``(A) the vehicle financial company makes its 
                current policy available to consumers on its website 
                and via mail upon written request sent to a designated 
                address identified for the purpose of requesting the 
                policy or upon telephone request made using a toll free 
                consumer service telephone number;
                    ``(B) the vehicle financial company conspicuously 
                notifies consumers of the availability of the current 
                policy, including--
                            ``(i) with respect to consumers who are 
                        entitled to a periodic billing statement, a 
                        message on the front page of each periodic 
                        billing statement; and
                            ``(ii) with respect to consumers who are 
                        not entitled to a periodic billing statement, 
                        through other reasonable means such as through 
                        a link on the landing page of the company's 
                        website or with other written communication, 
                        including electronic communication, sent to the 
                        consumer; and
                    ``(C) the vehicle financial company--
                            ``(i) provides consumers with the ability 
                        to opt out, subject to any exemption or 
                        exception provided under subsection (b)(2) or 
                        (e) of section 502 or under regulations 
                        prescribed under section 504(b), of having the 
                        consumer's nonpublic personal information 
                        disclosed to a nonaffiliated third party; and
                            ``(ii) includes a description about where 
                        to locate the procedures for a consumer to 
                        select such opt out in each periodic billing 
                        statement sent to the consumer.
            ``(3) Treatment of multiple policies.--If a vehicle 
        financial company maintains more than one set of policies 
        described under paragraph (2) that vary depending on the 
        consumer's account status or State of residence, the vehicle 
        financial company may comply with the website posting 
        requirement in paragraph (2)(A) by posting all of such policies 
        to the public section of the vehicle financial company's 
        website, with instructions for choosing the applicable 
        policy.''.
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