Sec. 102. Data minimization
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Section 502 of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6802 ) is amended— in subsection (e), by striking Subsections
(a)and
(b)and inserting Subsections (a), (b), and
(f); in subsection (e), by inserting collection or before disclosure ; and by adding at the end the following: A financial institution shall limit the collection or disclosure of nonpublic personal information to what is adequate, relevant, and reasonably necessary in relation to each purpose for which the nonpublic personal information is collected or disclosed, and if such collection or disclosure is not otherwise prohibited by this subtitle or the amendments made by this subtitle. Nothing in paragraph
(1)shall be construed to prevent a financial institution from disclosing nonpublic personal information— to a nonaffiliated third party pursuant to subsection (b)(2); to a nonaffiliated third party as required by section 1033 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5533 ); to comply with a request from a consumer reporting agency (as defined in section 603(f) of the Fair Credit Reporting Act ( 15 U.S.C. 1681a(f) )) to the extent the consumer reporting agency is engaged in activities subject to the Fair Credit Reporting Act; to an agency with regulatory jurisdiction over the financial institution; to a self-regulatory organization of which the financial institution is a member; as otherwise permitted or required by this subtitle; or as otherwise required by law. . This section shall take effect 2 years after the date of enactment of this Act.
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