The California Assembly Banking and Finance Committee rejected Assembly Bill 1707 on April 24, marking the second time in a month that the state has rejected privacy legislation. Two similar bills, SB 1337 and SB 1372, did not make it past the California Senate Banking, Finance, Investment and International Trade Committee on April 12. The National Association of Independent Insurers (NAII) testified against all three bills, calling the legislation “premature” and at conflict with the existing Federal Fair Credit Reporting Act. The NAII also stated that provisions requiring financial institutions to obtain consumer consent before disclosing personal information or “opt-in” would increase business costs and ultimately lead to increased costs for consumers. The bills could be up for consideration again shortly, due to a motion for reconsideration granted by the committee.
Was this article valuable?
Here are more articles you may enjoy.
Camp Mystic Seeks Bankruptcy to Settle Texas Flood Wrongful Death Claims 
Endless Shrimp Deal Was Scheme to Squeeze Red Lobster, Suit Says 
Florida Supreme Court Ruling Could Mean New Pressure to Settle High-Dollar Lawsuits 
Climate Change Keeps Adding to List of Uninsurable Assets, Allianz Executive Says From This Issue
