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Discuss The Sharring of Address Lists Between Different Companies In 1999 the United States Federal government passed a law called the Gramm-Leach Bliley Act The law requires these institutions to send you a notice regarding your privacy rights In the notices the companies must tell you what information they collect about you and with whom they share that information Further they must offer you an opportunity to opt-out of having your information shared beyond exceptions provided by law Gramm-Leach-Bliley GLB is also known as the Financial Services Modernization Act It removed most of the legal barriers that previously existed between the banking insurance and securities industries GLB established consumer privacy standards including notice requirements limits on information sharing and requirements to protect the confidentiality and security of personal information Banks credit unions mortgage companies finance companies insurance companies insurance agents and investment firms are all subject to Gramm-Leach-Bliley The law also applies to some retailers and automobile dealers that collect and share information about consumers to whom they extend credit or for whom they arrange credit Opt out means that you have an opportunity to say no opt out before a financial institution shares information about you Generally Gramm-Leach-Bliley requires that consumers be given the right to opt out before personal information about them is shared with companies outside of the corporate family If you exercise your right to opt out then the institution may not share nonpublic personal information about you with companies that are not part of the same parent organization It is up to you to tell the company if you dont want your personal financial information shared without your permission If you do not opt out the company may share information with third parties in the way they describe in the notice it sends you There are certain uses of nonpublic personal information for ordinary business purposes that are exceptions to the opt out right These are often described in
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