S.1216 - Financial Privacy Breach Notification Act of 2005109th Congress (2005-2006)
|Sponsor:||Sen. Corzine, Jon S. [D-NJ] (Introduced 06/09/2005)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||06/09/2005 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: S.1216 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in Senate (06/09/2005)
Financial Privacy Breach Notification Act of 2005 - Amends the Gramm-Leach-Bliley Act to require a financial institution to promptly notify the following entities whenever a breach of personal information has occurred at such institution: (1) each customer affected by such breach; (2) certain consumer reporting agencies; and (3) appropriate law enforcement agencies.
Requires any person that maintains personal information for or on behalf of a financial institution to promptly notify the institution of any case in which such customer information has been breached. Prescribes notification procedures.
Authorizes a customer injured by a violation of this Act to institute a civil action to recover damages.
Authorizes the Federal Trade Commission to enforce compliance with this Act, including the assessment of fines for violations.