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Gramm-Leach-Bliley Act
(redirected from GLB Act)

   Also found in: Wikipedia 0.01 sec.
Gramm-Leach-Bliley Act

Contains privacy provisions regarding consumers' financial information.Financial institutions are required to provide information to their customers regarding information-gathering and information-sharing practices.Consumers may opt out if they do not want their information shared with nonaffiliated third parties.



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Consistent with the GLB Act, the guidance incorporates applicable restrictions on examining a functionally regulated insurance subsidiary of a state member bank.
Beginning July 1, 2001, the GLB Act required financial institutions to provide notice and an opportunity to opt-out of disclosures of "nonpublic personal information" to nonaffiliated third parties (exceptions apply).
Dealerships that may be subject to the provisions of the GLB Act should seek advice of legal counsel to ensure compliance.
 
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