Section 1 Short title
This Act may be cited as the “Consumer Information Notification Requirement Act”.
Consumer Information Notification Requirement Act
A BILL
To amend the Gramm-Leach-Bliley Act to provide a national standard for financial institution data security and breach notification on behalf of all consumers, and for other purposes.
Sec. 2 Breach notification standards
Section 501 of the Gramm-Leach-Bliley Act (15 U.S.C. 6801) is amended—
in subsection (b)(3) by striking the period at the end and inserting “, including through the provision of a breach notice in the event of unauthorized access that is reasonably likely to result in identity theft, fraud, or economic loss.”; and
by adding at the end the following:
“(c) Standards with respect to breach notification—Subject to section 504(a)(2) and sections 505(b) and 505(c), within 6 months after the date of enactment of this subsection, each agency or authority required to establish standards described under subsection (b)(3) with respect to the provision of a breach notice shall ensure that such standards are in compliance with subsection (b).”
Sec. 3 Preemption with respect to financial institution safeguards
Section 507 of the Gramm-Leach-Bliley Act (15 U.S.C. 6807) is amended to read as follows:
“507. Relation to State laws
“This subtitle preempts any law, rule, regulation, requirement, standard, or other provision having the force and effect of law of any State, or political subdivision of a State, with respect to a financial institution (other than a financial institution engaged in providing insurance) or affiliate thereof securing personal information from unauthorized access or acquisition, including notification of unauthorized access or acquisition of data.”