Maine Enacts Financial Privacy Bill

May 31, 2001

Maine Governor Angus King signed into law a financial services privacy bill (LD 1640), which is, according to the American Insurance Association (AIA), consistent with the federal privacy regulations in Title V of the Gramm-Leach-Bliley Act (GLBA).

James T. Harrington, AIA vice president, northeast region, stated that the law, will provide consumers and insurers in Maine with privacy regulations consistent with regulations adopted by federal regulators and other states. He added that the law contains an “opt-out” for customers who want to limit the sharing of their personal information for marketing purposes.

According to the AIA, the bill was hotly debated in the Banking and Insurance Committee, which sent an “opt-in” version of the bill to the full legislature. AIA organized a campaign among its member companies to explain to legislators the need for a law that is consistent with the federal regulation and other states. The effort was successful as the Senate voted 30-4-1 for the “opt-out” version and the House voted 107 to 37 for the final bill.

Governor King signed the bill into law on Friday May 25, 2001.


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