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NY A07223
Bill
Status
5/8/2013
Primary Sponsor
Rhoda Jacobs
Click for details
AI Summary
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Creates Article 24-D of General Business Law establishing the "Electronic Fund Transfer Privacy Act" to restrict disclosure of personal information related to electronic fund transfers by financial institutions
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Prohibits financial institutions from disclosing information about electronic fund transfers except to the consumer, necessary parties to the transfer, account service personnel, authorized government entities, regulatory agencies, or persons with court orders or written consumer authorization (limited to 45 days)
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Bans financial institutions from selling or disclosing lists of personally identifiable information about consumers using electronic fund transfer systems and requires reasonable procedures to prevent unauthorized disclosures with notification within three days of any breach
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Requires financial institutions to provide written notice to consumers within seven days when served with a subpoena for account information, allowing the consumer time to seek judicial protection, except in cases involving search warrants or judgment creditor enforcement
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Establishes civil liability for violations including actual damages or $100 minimum per violation, reasonable attorney's fees, and potential punitive damages, with a statute of limitations of two years from discovery or seven years from violation date
Legislative Description
Enacts the "Electronic Fund Transfer Privacy Act"; provides privacy protection for consumers engaging in electronic fund transfer transactions by limiting disclosure of personal information about any consumer involved in such and limiting the circumstances in which government authority may get such information; outlines procedures and limitations for obtaining such information and civil penalties for violations.
Last Action
referred to banks
1/8/2014