HB 3725

Abstract

Creates the Illinois Financial Information Privacy Act. Allows a consumer to direct a financial institution to not share the nonpublic personal information with affiliated companies or with nonaffiliated financial companies with which the financial institution has contracted to provide financial products and services. Does not restrict or prohibit the sharing of nonpublic personal information between a financial institution and its wholly owned financial institution subsidiaries or in certain other cases if both entities are regulated by the same functional regulator and are engaged in the same line of business, among other requirements. Requires the permission of the consumer before the financial institution may share the nonpublic personal information with other nonaffiliated companies. Provides that a financial institution shall not discriminate against or deny an otherwise qualified consumer a financial product or service because the consumer has not provided the necessary consent that would authorize the financial institution to disclose or share nonpublic personal information. Requires a financial institution to comply with the consumer's request regarding nonpublic personal information within 45 days of receipt of the request.