Sec. 105. Additional information to be included in notices to consumers
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Section 503(c) of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6803(c) ) is amended— in paragraph
(3)by striking and at the end; by redesignating paragraph
(4)as paragraph (11); and by inserting after paragraph
(3)the following: the categories of purposes for which the financial institution— collects nonpublic personal information; and discloses nonpublic personal information to a nonaffiliated third party; the categories of practices of the financial institution with respect to the financial institution’s retention of nonpublic personal information; the categories of practices of the financial institution with respect to the financial institution’s use of artificial intelligence in the collection, processing, and utilization of nonpublic personal information; whether any nonpublic personal information of the consumer is processed in, retained in, or disclosed to a covered nation; an explanation of how a consumer can exercise the option pursuant to section 502(b) to direct that nonpublic personal information not be disclosed to a nonaffiliated third party before the time that such information is initially disclosed and at any time thereafter; an explanation of how a customer can exercise the option to request a copy of the disclosure required by subsection
(a)pursuant to subsection (g); an explanation of how a customer or former customer can exercise the option to request disclosure of nonpublic personal information and how a former customer can exercise the option to request deletion of nonpublic personal information pursuant to section 503A; and . The agencies referred to in section 504(a)(1) of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6804(a)(1) ) shall, in consultation with the Federal functional regulators, jointly develop updates to the model form mandated by section 503(e) of such Act. During the 2-year period beginning on the date the agencies finalize updates to the model form under paragraph (1), a financial institution shall be deemed to be compliant with section 502(a) of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6802(a) ) if the disclosures of the financial institution under section 503 of such Act comply with the model form issued pursuant to section 503(e) in effect on the date of enactment of this Act.
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Sec. 105
Additional information to be included in notices to consumers
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