Section 1 Short title
This Act may be cited as the “Financial Data Sharing Choice Act”.
Financial Data Sharing Choice Act
A BILL
To amend the Gramm-Leach-Bliley Act to require consumers to opt in before a financial institution may share the nonpublic personal information of the consumer with a nonaffiliated third party, and for other purposes.
Sec. 2 Consumer opt in for sharing of nonpublic personal information to a nonaffiliated third party
Section 502(b) of the Gramm-Leach-Bliley Act (15 U.S.C. 6802(b)) is amended—
in the heading, by striking “Opt Out” and inserting “Opt in”; and
by amending paragraph (1) to read as follows:
“(1) In general—A financial institution may not disclose nonpublic personal information of a consumer to a nonaffiliated third party unless—
“(A) such financial institution has received explicit, informed consent from the consumer to authorize such information be disclosed to such third party; and
“(B) such financial institution clearly and conspicuously discloses to the consumer, in writing or in electronic form or other form permitted by the regulations prescribed under section 504, what information shall be disclosed to such third party and for what purpose.”