H.R. 601 — Introduced in House

I 114th CONGRESS 1st Session H. R. 601 IN THE HOUSE OF REPRESENTATIVES January 28, 2015 Mr. Luetkemeyer (for himself, Mr. Sherman, Ms. Norton, Mr. Welch, Mr. Lipinski, Mr. Foster, Mrs. Carolyn B. Maloney of New York, Ms. Tsongas, Mr. Westmoreland, Mr. Royce, Mr. Hurt of Virginia, Mr. Pittenger, Mr. Fincher, Mr. Huizenga of Michigan, Mr. Stivers, Mr. Kilmer, and Mr. Perlmutter) 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. 1. Short title This Act may be cited as the Eliminate Privacy Notice Confusion Act. 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 at the end the following: (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 section, shall not be required to provide an annual disclosure under this section until such time as the financial institution fails to comply with any criteria described in paragraph (1) or (2). .