Whereas, compliance with the federal Privacy of Consumer Financial Information Regulations adopted by the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Federal Trade Commission and the Securities and Exchange Commission, is required by July 1, 2001; and

Whereas, this legislation seeks to ensure that state laws governing the privacy of consumer financial information are consistent with those established by the federal Gramm-Leach- Bliley Act and the implementing regulations; and

Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,

Be it enacted by the People of the State of Maine as follows:

PART A

Sec. A-1. 9-A MRSA §3-314 is enacted to read:

§3-314.__Privacy of consumer financial information

A creditor shall comply with the provisions of the federal Gramm-Leach-Bliley Act, 15 United States Code, Sections 6801 et seq. (1999) and the implementing federal Privacy of Consumer Information Regulation, 16 Code of Federal Regulations, Part 313 (2001) adopted by the Federal Trade Commission.__This section does not apply to supervised financial organizations.

Sec. A-2. 9-A MRSA §9-310 is enacted to read:

§9-310.__Privacy of consumer financial information

A creditor shall comply with the provisions of the federal Gramm-Leach-Bliley Act, 15 United States Code, Sections 6801 et seq. (1999) and the implementing federal Privacy of Consumer Information Regulation, 16 Code of Federal Regulations, Part 313 (2001) adopted by the Federal Trade Commission.

Sec. A-3. 9-A MRSA §10-306 is enacted to read: