House Bill 5228 Summary

• Requires savings banks to use reasonable care to secure individuals' nonpublic personal financial information from unauthorized access.

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

• Mandates that individuals may withdraw consent at any time and that savings banks cannot retaliate against individuals who refuse to consent to disclosure by denying credit, accounts, memberships, or other benefits.

• Requires savings banks to establish and publicly disclose a privacy policy that addresses information collection, security, use, release, access controls, routine uses, notification procedures, and contractual conditions for disclosures.

• Takes effect 90 days after enactment; does not limit governmental agency investigative and examination powers.