Bill > S143

This bill, titled the "Massachusetts Financial Information Privacy Act," establishes new regulations for financial institutions regarding the privacy of consumer financial information. It defines key terms such as "affiliate," "consumer," and "nonpublic personal information," which refers to personally identifiable financial details obtained by a financial institution. The bill generally prohibits financial institutions from selling, sharing, or transferring a consumer's nonpublic personal information to nonaffiliated third parties without the consumer's explicit prior consent, which must be obtained through a separate, clearly worded document. It also requires financial institutions to provide consumers with annual written notice about potential disclosures to affiliates and allows consumers to opt-out of such sharing. The bill outlines specific exceptions where disclosures are permitted, such as for necessary transaction processing, legal requirements, fraud prevention, and with consumer consent. It also details penalties for violations, including civil penalties for negligent or willful disclosures, and clarifies that these provisions preempt local ordinances.