[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3912 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 3912

  To amend the Gramm-Leach-Bliley Act to require consumers to opt in 
    before a financial institution may share the nonpublic personal 
 information of the consumer with a nonaffiliated third party, and for 
                            other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 15, 2021

  Mr. Lynch introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Gramm-Leach-Bliley Act to require consumers to opt in 
    before a financial institution may share the nonpublic personal 
 information of the consumer with a nonaffiliated third party, 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 Data Sharing Choice Act''.

SEC. 2. CONSUMER OPT IN FOR SHARING OF NONPUBLIC PERSONAL INFORMATION 
              TO A NONAFFILIATED THIRD PARTY.

    Section 502(b) of the Gramm-Leach-Bliley Act (15 U.S.C. 6802(b)) is 
amended--
            (1) in the heading, by striking ``Opt Out'' and inserting 
        ``Opt in''; and
            (2) by amending paragraph (1) to read as follows:
            ``(1) In general.--A financial institution may not disclose 
        nonpublic personal information of a consumer to a nonaffiliated 
        third party unless--
                    ``(A) such financial institution has received 
                explicit, informed consent from the consumer to 
                authorize such information be disclosed to such third 
                party; and
                    ``(B) such financial institution clearly and 
                conspicuously discloses to the consumer, in writing or 
                in electronic form or other form permitted by the 
                regulations prescribed under section 504, what 
                information shall be disclosed to such third party and 
                for what purpose.''.
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