HB 801 -- DISCLOSURE OF PERSONAL INFORMATION BY FINANCIAL
INSTITUTIONS

CO-SPONSORS:  Liese, Wagner

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

This bill 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 bill 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.

The bill contains an emergency clause.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that the bill is necessary to bring
Missouri into minimum compliance with the Federal Gramm-Leach--
Bliley Act so that state agencies can adopt minimum privacy
standards to protect Missouri consumers.  Supporters also state
that the bill would ensure that insurance companies are subject
to the same privacy restrictions that banks and other financial
institutions are subject to under Gramm-Leach-Bliley.

Testifying for the bill were Representative Liese; Department of
Insurance; and Missouri Bankers Association.

OPPONENTS:  There was no opposition voiced to the committee.

Greg Linhares, Legislative Analyst

Missouri House of Representatives
Last Updated November 26, 2001 at 11:45 am