Section 362.422

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

Effective - 01 Jul 2001, see footnote   

  362.422.  Disclosure of nonpublic personal information by financial institutions prohibited, rules, notice. — 1.  No person shall disclose any nonpublic personal information to a nonaffiliated third party contrary to the provisions of Title V of the Gramm-Leach-Bliley Financial Modernization Act of 1999 (15 U.S.C. 6801 to 6809).  A state agency with the primary regulatory authority over an activity engaged in by a financial institution which is subject to Title V of the Gramm-Leach-Bliley Financial Modernization Act of 1999 may adopt rules and regulations to carry out this section with respect to such activity.  Such rules and regulations adopted pursuant to this section shall be consistent with and not be more restrictive than standards contained in Title V of the Gramm-Leach-Bliley Financial Modernization Act of 1999.

  2.  Unless prohibited by federal law or regulation, any financial institution required to provide a disclosure of the institution's privacy policy pursuant to Title V of the Gramm-Leach-Bliley Financial Modernization Act of 1999 shall provide an initial notice regarding such privacy policy:

  (1)  At the time the customer relationship is established for consumers who become new customers of the financial institution on or after July 1, 2001; and

  (2)  Before June 30, 2002, for consumers who are existing customers of the financial institution.  

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A financial institution shall not disclose any nonpublic personal information to a nonaffiliated third party contrary to the provisions of Title V of the Gramm-Leach-Bliley Financial Modernization Act of 1999 before the financial institution has made the disclosure required in this section.

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(L. 2001 H.B. 801 § 1 merged with S.B. 382 § 1)

Effective 7-01-01