HB 5227 Summary

• Requires domestic credit unions to use reasonable care to secure individuals' nonpublic personal financial information from unauthorized access.

• Prohibits credit unions from disclosing nonpublic personal financial information to third parties without prior written informed consent from the individual, unless disclosure is required by law.

• Establishes that individuals who receive disclosed information must agree to protect it and use it only as authorized by the credit union, and cannot further disclose it without additional written consent from the individual.

• Prohibits credit unions from retaliating against members by refusing credit, closing accounts, denying membership, or discriminating against them for refusing to consent to disclosure of their financial information.

• Requires credit unions to establish and publicly disclose a privacy policy addressing information collection, security, access, routine uses, notification procedures, and contractual conditions for releasing nonpublic personal financial information; effective 90 days after enactment.