AK HB403

Requires financial institutions to obtain written customer consent before selling, transferring, or sharing personal financial information with non-affiliated third parties, establishing an opt-in mechanism rather than opt-out.

Establishes civil penalties for violations: up to $500 per negligent violation and up to $1,000 per knowing violation, with a cap of $500,000 total when multiple individuals' information is released; penalties are doubled if identity theft results.

Exempts from disclosure restrictions several categories including disclosures to the customer, government agencies, law enforcement, collection agencies, credit reporting agencies, and exchanges complying with the Fair Credit Reporting Act.

Defines "personal financial information" to include deposit/share account documents, transaction records, checks, loan information, and electronic transaction evidence that is not widely available to the general public.

Takes effect July 1, 2011, with the Department of Commerce, Community, and Economic Development required to adopt implementing regulations by that date.