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California Law Revision Commission

-- Last revised 11/22/06 --

Financial Privacy - Study B-400

The Law Revision Commission has issued its report on financial privacy.

The report analyzes Senate Bill 1 (Speier) - the California Financial Information Privacy Act, operative July 1, 2004. The report concludes that the new law largely achieves the objectives of the Legislature. Although clarification or improvement is possible, the Commission does not recommend revision of the new law before there is experience under it.

The report notes that the preemptive effect of federal law on the California Financial Information Privacy Act is not yet clear. The Commission believes it is premature to amend the new law to accommodate federal preemption.

The report recommends statutory revisions to integrate the California Financial Information Privacy Act with existing California privacy statutes. The recommendation addresses only major privacy statutes. Numerous other statutes may also require adjustment.

The report concludes that further legislative work is necessary with respect to federal preemption and coordination with existing state privacy statutes. An extension of the report deadline is necessary to enable the Commission to accomplish the additional work. The Commission would not commence the work for two years or such other time as litigation over federal preemption is adequately resolved. The work would be subject to availability of Commission resources at that time.

Legislation to implement the Commission's report is pending as SB 1104 (Senate Banking, Finance and Insurance Committee) in the 2005-06 legislative session.

If you have questions or comments on this study, send an e-mail to Brian Hebert at bhebert@clrc.ca.gov.

Related Material


Legislation

Top | CLRC Homepage

Final Recommendation

Top | CLRC Homepage

Tentative Recommendations and Other Requests for Comment

Top | CLRC Homepage

Meeting Minutes

Top | CLRC Homepage

Staff Memoranda

Top | CLRC Homepage
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