View Daily Data Tracking History
View Bill Text
View Statement of Purpose / Fiscal Impact
H0596................................by JUDICIARY, RULES AND ADMINISTRATION
FINANCIAL INFORMATION - Adds to and amends existing law to impose certain
obligations with respect to disclosure of personal financial information by
financial service providers; to require disclosure of financial service
provider privacy policies; to provide for rulemaking and enforcement; to
provide privacy protection for customer information of financial service
providers; to provide administrative enforcement; to provide certain
criminal penalties; and to provide applicability to persons subject to the
jurisdiction of the Department of Insurance.
02/16 House intro - 1st rdg - to printing
02/17 Rpt prt - to Jud
H0596
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fifth Legislature Second Regular Session - 2000
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 596
BY JUDICIARY, RULES AND ADMINISTRATION COMMITTEE
1 AN ACT
2 RELATING TO THE DISCLOSURE OF NONPUBLIC PERSONAL INFORMATION BY FINANCIAL SER-
3 VICE PROVIDERS; STATING POLICY OF THE LEGISLATURE; AMENDING TITLE 26,
4 IDAHO CODE, BY THE ADDITION OF A NEW CHAPTER 37, TITLE 26, IDAHO CODE, TO
5 IMPOSE CERTAIN OBLIGATIONS WITH RESPECT TO DISCLOSURES OF PERSONAL FINAN-
6 CIAL INFORMATION BY FINANCIAL SERVICE PROVIDERS; TO REQUIRE DISCLOSURE OF
7 FINANCIAL SERVICE PROVIDER PRIVACY POLICIES; TO PROVIDE FOR RULEMAKING; TO
8 PROVIDE FOR ENFORCEMENT; TO ESTABLISH RELATIONSHIP TO OTHER LAWS; TO PRO-
9 VIDE PRIVACY PROTECTION FOR CUSTOMER INFORMATION OF FINANCIAL SERVICE
10 PROVIDERS; TO PROVIDE FOR ADMINISTRATIVE ENFORCEMENT; TO PROVIDE CERTAIN
11 CRIMINAL PENALTIES; TO PROVIDE DEFINITIONS; AND AMENDING CHAPTER 1, TITLE
12 41, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 41-121, IDAHO CODE, TO
13 PROVIDE APPLICABILITY TO PERSONS SUBJECT TO THE JURISDICTION OF THE
14 DEPARTMENT OF INSURANCE.
15 Be It Enacted by the Legislature of the State of Idaho:
16 SECTION 1. LEGISLATIVE POLICY. It is the policy of the Legislature that
17 each financial service provider has an affirmative and continuing obligation
18 to respect the privacy of its customers and to protect the security and confi-
19 dentiality of those customers' nonpublic personal information.
20 SECTION 2. That Title 26, Idaho Code, be, and the same is hereby amended
21 by the addition thereto of a NEW CHAPTER, to be known and designated as Chap-
22 ter 37, Title 26, Idaho Code, and to read as follows:
23 CHAPTER 37
24 FINANCIAL SERVICE PROVIDERS AND CUSTOMER PRIVACY
25 26-3701. OBLIGATIONS WITH RESPECT TO DISCLOSURES OF PERSONAL INFORMATION.
26 (1) Notice requirements. Except as otherwise provided in this chapter, a
27 financial service provider may not, directly or through any affiliate, dis-
28 close to a nonaffiliated third party any nonpublic personal information,
29 unless the financial service provider provides or has provided to the consumer
30 a notice that complies with section 26-3702, Idaho Code.
31 (2) Opt-out.
32 (a) A financial service provider may not disclose nonpublic personal
33 information to a nonaffiliated third party unless:
34 (i) The financial service provider clearly and conspicuously dis-
35 closes to the consumer, in writing or in electronic form or other
36 form permitted by any rules prescribed under section 26-3703, Idaho
37 Code, that the information may be disclosed to a third party;
38 (ii) The consumer is given the opportunity, before the time that the
39 information is initially disclosed, to direct that the information
40 not be disclosed to a third party; and
41 (iii) The consumer is given an explanation of how the consumer can
2
1 exercise that nondisclosure option.
2 (b) Exception. This subsection shall not prevent a financial service pro-
3 vider from providing nonpublic personal information to a nonaffiliated
4 third party to perform services for or functions on behalf of the finan-
5 cial service provider, including marketing of the financial service
6 provider's own products or services, or financial products or services
7 offered pursuant to joint agreements between two (2) or more financial
8 service providers that comply with the requirements imposed by any rules
9 prescribed under section 26-3703, Idaho Code, if the financial service
10 provider fully discloses the providing of the information and enters into
11 a contractual agreement with the third party that requires the third party
12 to maintain the confidentiality of the information.
13 (3) Limits on reuse of information. Except as otherwise provided in this
14 chapter, a nonaffiliated third party that receives from a financial service
15 provider nonpublic personal information under this section shall not, directly
16 or through an affiliate of such receiving third party, disclose the informa-
17 tion to any other party that is a nonaffiliated third party of both the finan-
18 cial service provider and the receiving third party, unless the disclosure
19 would be lawful if made directly to the other third party by the financial
20 service provider.
21 (4) Limitations on the sharing of account number information for market-
22 ing purposes. A financial service provider shall not disclose, other than to a
23 consumer reporting agency, an account number or similar form of access number
24 or access code for a credit card account, deposit account, or transaction
25 account of a consumer to any nonaffiliated third party for use in
26 telemarketing, direct mail marketing, or other marketing through electronic
27 mail to the consumer.
28 (5) General exceptions. Subsections (1) and (2) of this section shall not
29 prohibit the disclosure of nonpublic personal information:
30 (a) As necessary to effect, administer, or enforce a transaction
31 requested or authorized by the consumer, or in connection with:
32 (i) Servicing or processing a financial product or service
33 requested or authorized by the consumer;
34 (ii) Maintaining or servicing the consumer's account with the finan-
35 cial service provider, or with another entity as part of a private
36 label credit card program or other extension of credit on behalf of
37 the entity; or
38 (iii) A proposed or actual securitization, secondary market sale
39 (including sales of servicing rights), or similar transaction related
40 to a transaction of the consumer.
41 (b) With the consent or at the direction of the consumer.
42 (c) (i) To protect the confidentiality or security of the financial ser-
43 vice provider's records pertaining to the consumer, the service or
44 product, or the transaction therein;
45 (ii) To protect against or prevent actual or potential fraud, unau-
46 thorized transactions, claims or other liability;
47 (iii) For required institutional risk control, or for resolving cus-
48 tomer disputes or inquiries;
49 (iv) To persons holding a legal or beneficial interest relating to
50 the consumer; or
51 (v) To persons acting in a fiduciary or representative capacity on
52 behalf of the consumer.
53 (d) To provide information to insurance rate advisory organizations,
54 guaranty funds or agencies, applicable rating agencies of the financial
55 service provider, persons assessing the institution's compliance with
3
1 industry standards, and the institution's attorneys, accountants, and
2 auditors.
3 (e) To the extent specifically permitted or required under other provi-
4 sions of law and in accordance with the federal right to financial privacy
5 act of 1978, to law enforcement agencies (including a federal functional
6 regulator, the United States secretary of the treasury with respect to
7 subchapter II of chapter 53 of title 31, U.S.C., and chapter 2 of title I
8 of Public Law 91-508 (12 U.S.C. 1951-1959), a state insurance authority,
9 or the federal trade commission), self-regulatory organizations, or for an
10 investigation on a matter related to public safety.
11 (f) (i) To a consumer reporting agency in accordance with the federal
12 fair credit reporting act; or
13 (ii) From a consumer report reported by a consumer reporting agency.
14 (g) In connection with a proposed or actual sale, merger, transfer or
15 exchange of all or a portion of a business or operating unit if the dis-
16 closure of nonpublic personal information concerns solely consumers of
17 such business or unit; or
18 (h) To comply with federal, state or local laws, rules and other applica-
19 ble legal requirements; to comply with a properly authorized civil, crimi-
20 nal or regulatory investigation, or subpoena or summons by federal, state
21 or local authorities; or to respond to judicial process or government reg-
22 ulatory authorities having jurisdiction over the financial service pro-
23 vider for examination, compliance, or other purposes as authorized by law.
24 26-3702. DISCLOSURE OF INSTITUTION PRIVACY POLICY. (1) Disclosure
25 required. At the time of establishing a customer relationship with a consumer
26 and not less than annually during the continuation of such relationship, a
27 financial service provider shall provide a clear and conspicuous disclosure to
28 the consumer, in writing or in electronic form or other form permitted by any
29 rules prescribed under section 26-3703, Idaho Code, of the financial service
30 provider's policies and practices with respect to:
31 (a) Disclosing nonpublic personal information to affiliates and
32 nonaffiliated third parties, consistent with section 26-3701, Idaho Code,
33 including the categories of information that may be disclosed;
34 (b) Disclosing nonpublic personal information of persons who have ceased
35 to be customers of the financial service provider; and
36 (c) Protecting the nonpublic personal information of consumers.
37 The disclosures shall be made in accordance with any rules prescribed
38 under section 26-3703, Idaho Code.
39 (2) Information to be included. The disclosure required by subsection (1)
40 of this section shall include:
41 (a) The policies and practices of the institution with respect to dis-
42 closing nonpublic personal information to nonaffiliated third parties,
43 other than agents of the institution, consistent with section 26-3701,
44 Idaho Code, and including:
45 (i) The categories of persons to whom the information is or may be
46 disclosed, other than the persons to whom the information may be pro-
47 vided pursuant to section 26-3701(5); and
48 (ii) The policies and practices of the institution with respect to
49 disclosing of nonpublic personal information of persons who have
50 ceased to be customers of the financial service provider.
51 (b) The categories of nonpublic personal information that are collected
52 by the financial service provider;
53 (c) The policies that the institution maintains to protect the confiden-
54 tiality and security of nonpublic personal information; and
4
1 (d) The disclosures required, if any, under section 603(d)(2)(A)(iii) of
2 the federal fair credit reporting act.
3 26-3703. RULEMAKING. (1) Regulatory authority.
4 (a) Rulemaking. The Idaho department of finance and the Idaho department
5 of insurance may each prescribe, after consultation as appropriate with
6 representatives of the banking, credit union, thrift, securities and
7 insurance industries, such rules as may be necessary to carry out the pur-
8 poses of this chapter with respect to the financial service providers sub-
9 ject to their jurisdiction under section 26-3704, Idaho Code.
10 (b) Coordination, consistency and comparability. Each of the agencies
11 allowed under subsection (1)(a) of this section to prescribe rules shall
12 consult and coordinate with the other agency described in subsection
13 (1)(a) of this section for the purposes of assuring, to the extent possi-
14 ble, that the rules prescribed by each agency are consistent and compara-
15 ble with the rules prescribed by the other agency, and with the regula-
16 tions prescribed by the relevant federal regulatory authorities pursuant
17 to federal privacy statutes.
18 (2) Authority to grant exceptions. The rules prescribed under subsection
19 (1) of this section may include additional exceptions to subsections (1)
20 through (4) of section 26-3701, Idaho Code, as are deemed consistent with the
21 purposes of this chapter.
22 26-3704. ENFORCEMENT IN GENERAL -- JURISDICTION. This chapter and any
23 rules prescribed hereunder shall be enforced by the Idaho department of
24 finance and the Idaho department of insurance with respect to financial ser-
25 vice providers and other persons subject to their respective jurisdiction
26 under applicable law.
27 26-3705. RELATION TO OTHER LAWS AND CONTRACTS. (1) In general. This chap-
28 ter shall not be construed as superseding, altering or affecting any statute,
29 rule, order or interpretation in effect in this state, except to the extent
30 that the statute, rule, order or interpretation is inconsistent with the pro-
31 visions of this chapter, and then only to the extent of the inconsistency.
32 (2) Greater protection under express contract. This chapter shall not be
33 construed as superseding, altering or affecting any express written contract
34 between a financial service provider and its customer, except to the extent
35 that the express written contract is inconsistent with the provisions of this
36 chapter, and then only to the extent of the inconsistency. For purposes of
37 this subsection, an express written contract is not inconsistent with the pro-
38 visions of this chapter if the protection the express written contract affords
39 the customer is greater than the protection provided under this chapter. This
40 chapter shall supersede any oral contract or implied contract or implied con-
41 tractual term to the extent that the oral contract or implied contract or
42 implied contractual term is inconsistent with the provisions of this chapter.
43 26-3706. [RESERVED.]
44 26-3707. PRIVACY PROTECTION FOR CUSTOMER INFORMATION OF FINANCIAL SERVICE
45 PROVIDERS. (1) Prohibition on obtaining customer information by false pre-
46 tenses. It shall be a violation of this chapter for any person to obtain or
47 attempt to obtain, or cause to be disclosed or attempt to cause to be dis-
48 closed to any person, customer information of a financial service provider
49 relating to another person:
50 (a) By making a false, fictitious or fraudulent statement or representa-
5
1 tion to an officer, employee, or agent of a financial service provider;
2 (b) By making a false, fictitious or fraudulent statement or representa-
3 tion to a customer of a financial service provider; or
4 (c) By providing any document to an officer, employee or agent of a
5 financial service provider, knowing that the document is forged, counter-
6 feit, lost or stolen, was fraudulently obtained, or contains a false, fic-
7 titious or fraudulent statement or representation.
8 (2) Prohibition on solicitation of a person to obtain customer informa-
9 tion from financial service provider under false pretenses. It shall be a
10 violation of this chapter to request a person to obtain customer information
11 of a financial service provider, knowing that the person will obtain, or
12 attempt to obtain, the information from the institution in any manner
13 described in subsection (1) of this section.
14 (3) Nonapplicability to law enforcement agencies. No provision of this
15 section shall be construed so as to prevent any action by a law enforcement
16 agency, or any officer, employee, or agent of such agency, to obtain customer
17 information of a financial service provider in connection with the performance
18 of the official duties of the agency.
19 (4) Nonapplicability to financial service providers in certain cases. No
20 provision of this section shall be construed so as to prevent any financial
21 service provider, or any officer, employee or agent of a financial service
22 provider, from obtaining customer information of such financial service pro-
23 vider in the course of:
24 (a) Testing the security procedures or systems of such institution for
25 maintaining the confidentiality of customer information;
26 (b) Investigating allegations of misconduct or negligence on the part of
27 any officer, employee or agent of the financial service provider; or
28 (c) Recovering customer information of the financial service provider
29 which was obtained or received by another person in any manner described
30 in subsection (1) or (2) of this section.
31 (5) Nonapplicability to insurance institutions for investigation of
32 insurance fraud. No provision of this section shall be construed so as to pre-
33 vent any insurance institution, or any officer, employee or agency of an
34 insurance institution, from obtaining information as part of an insurance
35 investigation into criminal activity, fraud, material misrepresentation or
36 material nondisclosure that is authorized for such institution under state
37 law, rule, interpretation or order.
38 (6) Nonapplicability to certain types of customer information of finan-
39 cial service providers. No provision of this section shall be construed so as
40 to prevent any person from obtaining customer information of a financial ser-
41 vice provider that otherwise is available as a public record filed pursuant to
42 the securities laws, as defined in section 3(a)(47) of the federal securities
43 exchange act of 1934.
44 (7) Nonapplicability to collection of child support judgments. No provi-
45 sion of this section shall be construed to prevent any state-licensed private
46 investigator, or any officer, employee or agent of such private investigator,
47 from obtaining customer information of a financial service provider, to the
48 extent reasonably necessary to collect child support from a person adjudged to
49 have been delinquent in his or her obligations by a federal or state court,
50 and to the extent that such action by a state-licensed private investigator is
51 not unlawful under any other federal or state law or regulation, and has been
52 authorized by an order or judgment of a court of competent jurisdiction.
53 26-3708. ADMINISTRATIVE ENFORCEMENT. (1) Enforcement by Idaho department
54 of finance. Except as provided in subsection (2) of this section, compliance
6
1 with sections 26-3707 through 26-3710, Idaho Code, shall be enforced by the
2 Idaho department of finance.
3 (2) Enforcement by Idaho department of insurance. Compliance with sec-
4 tions 26-3707 through 26-3710, Idaho Code, by financial service providers pri-
5 marily regulated in this state by the department of insurance shall be
6 enforced by the department of insurance.
7 26-3709. CRIMINAL PENALTY. In general. Whoever knowingly and intention-
8 ally violates, or knowingly and intentionally attempts to violate section
9 26-3707, Idaho Code, shall be guilty of a misdemeanor.
10 26-3710. DEFINITIONS. As used in sections 26-3701 through 26-3706, Idaho
11 Code:
12 (1) "Affiliate" means any company that controls, is controlled by, or is
13 under common control with another company.
14 (2) "Consumer" means an individual who obtains, from a financial service
15 provider, financial products or services which are to be used primarily for
16 personal, family, or household purposes, and also means the legal representa-
17 tive of such an individual.
18 (3) "Federal banking agency" has the same meaning as given in section 3
19 of the federal deposit insurance act.
20 (4) "Federal functional regulator" means:
21 (a) The board of governors of the federal reserve system;
22 (b) The office of the comptroller of the currency;
23 (c) The board of directors of the federal deposit insurance corporation;
24 (d) The director of the office of thrift supervision;
25 (e) The national credit union administration board; and
26 (f) The securities and exchange commission.
27 (5) "Financial service provider" means:
28 (a) In general, "financial service provider" means any institution the
29 business of which is engaging in financial activities as described in sec-
30 tion 4(k) of the federal bank holding company act of 1956, as the same may
31 hereafter be amended.
32 (b) Persons subject to commodity futures trading commission regulation.
33 Notwithstanding paragraph (a) of this subsection, the term "financial ser-
34 vice provider" does not include any person or entity with respect to any
35 financial activity that is subject to the jurisdiction of the commodity
36 futures trading commission under the federal commodity exchange act.
37 (c) Farm credit institutions. Notwithstanding paragraph (a) of this sub-
38 section, "financial service provider" does not include the federal agri-
39 cultural mortgage corporation or any entity chartered and operating under
40 the federal farm credit act of 1971.
41 (d) Other secondary market institutions. Notwithstanding paragraph (a) of
42 this subsection, "financial service provider" does not include institu-
43 tions chartered by congress specifically to engage in transactions
44 described in section 26-3701(5)(a)(iii), Idaho Code, as long as such
45 institutions do not sell or transfer nonpublic personal information to a
46 nonaffiliated third party.
47 (6) "Joint agreement" means a formal written contract pursuant to which
48 two (2) or more financial service providers jointly offer, endorse or sponsor
49 a financial product or service, and as may be further defined in any rules
50 prescribed under section 26-3703, Idaho Code.
51 (7) "Necessary to effect, administer or enforce" means:
52 (a) The disclosure is required, or is a usual, appropriate or acceptable
53 method, to carry out the transaction or the product or service business of
7
1 which the transaction is a part, and record or service or maintain the
2 consumer's account in the ordinary course of providing the financial ser-
3 vice or financial product, or to administer or service benefits or claims
4 relating to the transaction or the product or service business of which it
5 is a part, and includes:
6 (i) Providing the consumer or the consumer's agent or broker with a
7 confirmation, statement or other record of the transaction, or infor-
8 mation on the status or value of the financial service or financial
9 product; and
10 (ii) The accrual or recognition of incentives or bonuses associated
11 with the transaction that are provided by the financial service pro-
12 vider or any other party;
13 (b) The disclosure is required, or is one of the lawful or appropriate
14 methods, to enforce the rights of the financial service provider or of
15 other persons engaged in carrying out the financial transaction, or pro-
16 viding the product or service;
17 (c) The disclosure is required, or is a usual, appropriate or acceptable
18 method, for insurance underwriting at the consumer's request or for rein-
19 surance purposes, or for any of the following purposes as they relate to a
20 consumer's insurance: account administration, reporting, investigating or
21 preventing fraud or material misrepresentation, processing premium pay-
22 ments, processing insurance claims, administering insurance benefits
23 (including utilization review activities), participating in research proj-
24 ects, or as otherwise required or specifically permitted by federal or
25 state law; or
26 (d) The disclosure is required, or is a usual, appropriate or acceptable
27 method, in connection with:
28 (i) The authorization, settlement, billing, processing, clearing,
29 transferring, reconciling, or collection of amounts charged, debited,
30 or otherwise paid using a debit, credit or other payment card, check,
31 or account number, or by other payment means;
32 (ii) The transfer of receivables, accounts or interests therein; or
33 (iii) The audit of debit, credit or other payment information.
34 (8) "Nonpublic personal information" means:
35 (a) Personally identifiable financial information:
36 (i) Provided by a consumer to a financial service provider;
37 (ii) Resulting from any transaction with the consumer or any service
38 performed for the consumer; or
39 (iii) Otherwise obtained by the financial service provider.
40 (b) The term does not include publicly available information, as such
41 term is defined by any rules prescribed under section 26-3703, Idaho Code.
42 (c) Notwithstanding paragraph (b) of this subsection, the term:
43 (i) Shall include any list, description, or other grouping of con-
44 sumers, and publicly available information pertaining to them, that
45 is derived using any nonpublic personal information other than pub-
46 licly available information; but
47 (ii) Shall not include any list, description or other grouping of
48 consumers, and publicly available information pertaining to them,
49 that is derived without using any nonpublic personal information.
50 (9) "Nonaffiliated third party" means any entity that is not an affiliate
51 of, or related by common ownership or affiliated by corporate control with,
52 the financial service provider, but does not include a joint employee of such
53 institution.
54 (10) "Time of establishing a customer relationship" means, in the case of
55 a financial service provider engaged in extending credit directly to consumers
8
1 to finance purchases of goods or services, the time of establishing the credit
2 relationship with the consumer.
3 As used in sections 26-3707 through 26-3710, Idaho Code:
4 (11) "Customer" means, with respect to a financial service provider, any
5 person, or authorized representative of a person, to whom the financial ser-
6 vice provider provides a product or service, including that of acting as a
7 fiduciary.
8 (12) "Customer information of a financial service provider" means any
9 information maintained by or for a financial service provider which is derived
10 from the relationship between the financial service provider and a customer of
11 the financial service provider and is identified with the customer.
12 (13) "Document" means any information in any form.
13 (14) "Financial service provider" means:
14 (a) Any institution engaged in the business of providing financial ser-
15 vices to customers who maintain a credit, deposit, trust, or other finan-
16 cial account or relationship with the institution;
17 (b) Any depository institution, as defined in section 19(b)(1)(A) of the
18 federal reserve act, any broker or dealer, any investment adviser or
19 investment company, any insurance company, any loan or finance company,
20 any credit card issuer or operator of a credit card system, and any con-
21 sumer reporting agency that compiles and maintains files on consumers on a
22 nationwide basis, as defined in section 603(p) of the federal consumer
23 credit protection act;
24 (c) For purposes of paragraph (b) of this subsection:
25 (i) The terms "broker" and "dealer" have the same meanings as given
26 in section 3 of the securities exchange act of 1934 (15 U.S.C. 78c);
27 (ii) The term "investment adviser" has the same meaning as given in
28 section 202(a)(11) of the investment advisers act of 1940 (15 U.S.C.
29 80b-2(a)); and
30 (iii) The term "investment company" has the same meaning as given in
31 section 3 of the investment company act of 1940 (15 U.S.C. 80a-3).
32 (d) Exclusions. "Financial service provider" does not include any person
33 or entity with respect to any financial activity that is subject to the
34 jurisdiction of the commodity futures trading commission under the federal
35 commodity exchange act and does not include the federal agricultural mort-
36 gage corporation or any entity chartered and operating under the federal
37 farm credit act of 1971.
38 SECTION 3. That Chapter 1, Title 41, Idaho Code, be, and the same is
39 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
40 ignated as Section 41-121, Idaho Code, and to read as follows:
41 41-121. APPLICABILITY OF FINANCIAL SERVICE PROVIDER PRIVACY PROVISIONS.
42 Persons subject to the jurisdiction of the department under this act are sub-
43 ject to all of the provisions of chapter 37, title 26, Idaho Code, to the
44 extent such provisions are applicable to such persons according to their
45 terms.
STATEMENT OF PURPOSE
RS 10024
The purpose of this legislation is to allow Idaho citizens to
protect their private financial information. Financial privacy
is a concern of anyone doing business in today's high tech economy.
Under this bill, a customer may instruct his or her bank, credit
union, insurance company and securities firm to maintain the privacy
of his or her personal financial information. The financial
service provider must follow the customer's instruction.
This law would be enforced by the Department of Finance and the
Department of Insurance for the institutions they regulate.
FISCAL NOTE
Congress in 1999 enacted a comprehensive financial privacy law as a
part of the recent Gramm-Leach-Bliley Financial Modernization Act.
This bill is designed to allow the state of Idaho to enforce the
same privacy protection under Idaho law as is provided under the
federal law. it is unlikely that either the Department of Finance
or the Department of Insurance would be required to add any staff
in order to carry out enforcement responsibilities under this
legislation.
It is possible that regulations might be promulgated in the future.
Except for that possibility, this bill would have no fiscal impact
on the general fund or local government.
CONTACT: Patrick V. Collins
(208) 344 - 6000
STATEMENT OF PURPOSE/ FISCAL NOTE H 596