HCS SCS SB 382 -- DISCLOSURE OF PERSONAL INFORMATION BY
FINANCIAL INSTITUTIONS

SPONSOR:  Yeckel (Liese)

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee
on Banks and Financial Institutions by a vote of 19 to 0.

This substitute establishes compliance with the Federal
Gramm-Leach-Bliley Act of 1999.  The federal act adopts minimum
standards prohibiting certain disclosures of nonpublic personal
information by financial institutions to third parties and
allows states to adopt more stringent rules.  The substitute
allows any state agency that regulates financial institutions to
adopt rules that are no more restrictive than the minimum
standards established in the federal act.  In addition,
financial institutions required by federal law to report their
privacy policy to their consumers must do so upon the
establishment of the customer relationship for all new
customers, or by June 30, 2002, for all existing customers.

The substitute contains an emergency clause.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that the bill is necessary to bring
Missouri into compliance with the minimum financial privacy
standards contained in the Federal Gramm-Leach-Bliley Act.

Testifying for the bill was Senator Yeckel.

OPPONENTS:  There was no opposition voiced to the committee.

Greg Linhares, Legislative Analyst

Missouri House of Representatives
Last Updated November 26, 2001 at 11:47 am