§ 3404. Customer authorizations

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1978

   Right to Financial Privacy Act of 1978

   Pub. L. 95–630 title XI § 1104 · 92 Stat. 3641

   Enacted · 12 U.S.C. § 3404

   Pub. L. 95–630, title XI, § 1104, Nov. 10, 1978, 92 Stat. 3698

   Source evidence

   Code source credit
   Pub. L. 95–630, title XI, § 1104, Nov. 10, 1978, 92 Stat. 3698

   Enacted provision · exact public law section
   Sec. 1104. customer authorizations (a) A customer may authorize disclosure under section 1102(1) if he furnishes to the financial institution and to the Government authority seeking to obtain such disclosure a signed and dated statement which— (1) authorizes such disclosure for a period not in excess of three months; (2) states that the customer may revoke such authorization at any time before the financial records are disclosed; (3) identifies the financial records which are authorized to be disclosed; (4) specifies the purposes for which, and the Government authority to which, such records may be disclosed; and (5) states the customer’s rights under this title. (b) No such authorization shall be required as a condition of doing business with any financial institution. (c) The customer has the right, unless the Government authority obtains a court order as provided in section 1109, to obtain a copy of the record which the financial institution shall keep of all instances in which the customer’s record is disclosed to a Government authority pursuant to this section, including the identity of the Government authority to which such disclosure is made. (d) All financial institutions shall promptly notify all of their Notification. Statement. customers of their rights under this title. The Board of Governors of the Federal Reserve System shall prepare a statement of customers’ rights under this title. Any financial institution that provides its customers a statement of customers’ rights prepared by the Board shall be deemed to be in compliance with this subsection.

2. 1979

   Pub. L. 96–3 · 93 Stat. 5

   Struck · 12 U.S.C. § 3404(d)

   Pub. L. 96–3 struck out subsec. (d) which had directed that all financial institutions promptly notify all of their customers of their rights under this chapter, that the Board of Governors of the Federal Reserve System prepare a statement of customers’ rights under this chapter, and that the supplying of such a statement to their customers by the financial institutions be deemed compliance with the notification requirement

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 96–3 struck out subsec. (d) which had directed that all financial institutions promptly notify all of their customers of their rights under this chapter, that the Board of Governors of the Federal Reserve System prepare a statement of customers’ rights under this chapter, and that the supplying of such a statement to their customers by the financial institutions be deemed compliance with the notification requirement.

1 of 2 references resolved to an enrolled provision · 1 partial