SB 1337 and SB 1372 did not make it past the California Senate Banking, Finance, Investment and International Trade Committee yesterday.
The National Association of Independent Insurers (NAII) testified against the legislation, calling it “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 on April 26, due to a motion for reconsideration granted by the committee.
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