Privacy Notice Modernization Act of 2013

Privacy Notice Modernization Act of 2013 - Amends the Gramm-Leach-Bliley Act to exempt from its annual written privacy policy notice requirement any financial institution which: (1) provides nonpublic personal information only in accordance with specified requirements, (2) has not changed its policies and practices with respect to disclosing nonpublic personal information from those disclosed in the most recent disclosure sent to consumers, and (3) otherwise provides customers access to such most recent disclosure in electronic or other form permitted by specified regulations.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 635 Introduced in Senate (IS)]

113th CONGRESS
  1st Session
                                 S. 635

  To amend the Gramm-Leach-Bliley Act to provide an exception to the 
               annual written privacy notice requirement.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 21, 2013

Mr. Brown (for himself, Mr. Moran, Mr. Tester, Mr. Johanns, Mr. Warner, 
Ms. Heitkamp, Mr. Toomey, and Mr. Blunt) 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 provide an exception to the 
               annual written privacy notice requirement.

    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 Notice Modernization Act of 
2013''.

SEC. 2. EXCEPTION TO ANNUAL WRITTEN 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 Written Notice Requirement.--A financial 
institution that--
            ``(1) provides nonpublic personal information in accordance 
        with the provisions of subsection (b)(2) or (e) of section 502 
        or regulations prescribed under section 504(b);
            ``(2) has not changed its policies and practices with 
        respect 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; 
        and
            ``(3) otherwise provides customers access to such most 
        recent disclosure in electronic or other form permitted by 
        regulations prescribed under section 504,
shall not be required to provide an annual written disclosure under 
this section, until such time as the financial institution fails to 
comply with paragraph (1), (2), or (3).''.
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