SB 773 Approved by Assembly Committee, Awaits Final Passage

August 27, 2002

Sen. Jackie Speier’s (D-Hillsborough) SB 773 financial privacy bill was approved by the Assembly Judiciary Committee Aug. 23 with an 8-3 vote, according to the San Francisco Chronicle.

The bill now awaits final passage on the full Assembly before legislative adjournment on Aug. 31.

The bill failed in the Assembly last September when 21 members declined to vote, but Speier reintroduced the bill with more support over the past year.

Speier’s measure would prohibit companies from exchanging customers’ personal information between affiliates of a large conglomerate such as Citibank.

The measure would also prohibit credit card companies or banks from supplying a potential list of customers to outside marketing companies if they are selling nonfinancial products.

Democrats John Dutra (D-Fremont), and Juan Vargas (D-San Diego), declined to vote on the bill.

The Committee also succeeded in removing a hostile amendment that had been added to Speier’s bill in the Assembly Banking and Finance Committee, which closely approved the measure Wednesday.

The amendment would have removed a key portion of the bill and permitted insurance companies and banks to share customer information with affiliates offering comparable products.

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