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92D CONGRESS

2D SESSION

S. 3814

IN THE SENATE OF THE UNITED STATES

JULY 20, 1972 Mr. TUNNEY (for himself and Mr. BROCK) introduced the following bill; which

was read twice and referred to the Committee on Banking, Housing and Urban Affairs

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A BILL

To amend Public Law 91-508 to prescribe procedures pertaining

to the disclosure of certain financial information by financial institutions to State and Federal governmental departments and agencies, and for other purposes.

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Be it enacted by the Senate and House of Representa

2 tives of the United States of America in Congress assembled,

3 That Public Law 91-508 is amended by adding a new title

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"SECTION 1. This title may be cited as the 'Financial

7 Records Privacy Act'.

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2 “Sec. 2. It is the purpose of this title to prescribe pro3 cedures governing the disclosure by certain financial institu4 tions of information relating to the financial affairs, trans5 actions, condition, or status of persons who maintain a 6 share, or deposit or credit card account with those institutions

7 in order to safeguard certain rights guaranteed by the Consti8 tution, including the right of privacy.

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“DEFINITIONS AND APPLICABILITY

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"SEC. 3. (a) As used in this title

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“(1) The term 'financial institution' means a bank 12 service corporation as defined by section 1861 of title 12, 13 United States Code, or any bank, institution, or financial in

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situation defined in or affected by titles I and II of Public

15 Law 91-508, or any other type of business or institution

16 performing similar or substitute functions of any of the fore17 going 18

“(2) The term 'person' means an individual, partner19 ship, corporation, association, trust, or any other legal entity 20 organized under the laws of any State or the United States.

(3) The term 'account holder' means any person main22 taining a share, deposit, or credit card account with a finan

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23 cial institution.

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“(4) The term 'financial records' means with respect to

25 any account holder

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“(A) any document granting signature authority over such account holder's deposit, share, or credit card

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account;

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“(B) a statement, ledger card, or other record of a deposit, share, or credit card account, which shows any

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balance or transaction, or both, in or with respect to such

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* (C) a check, draft, money order, invoice, receipt,

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or similar instrument drawn on a financial institution

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by such account holder or otherwise chargeable to his account, or issued, payable, or billable by a financial institution for the account, or at the direction, of such

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“(D) a check, draft, money order, invoice, receipt, or similar instrument received by a financial institution from such account holder for deposit, collection, or

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billing;

“ (E) any individual item other than an institutional or periodic charge, made pursuant to any agree

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ment between a financial institution and such account

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holder which constitutes a debit or credit to the account

a

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holder's deposit, share, or credit card account if such item is not otherwise included in this subsection 3;

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“(F) any record held by a financial institution containing information furnished by the account holder and

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2 "SEC. 2. It is the purpose of this title to prescribe pro3 cedures governing the disclosure by certain financial institu4 tions of information relating to the financial affairs, trans5 actions, condition, or status of persons who maintain a 6 share, or deposit or credit card account with those institutions 7 in order to safeguard certain rights guaranteed by the Consti8 tution, including the right of privacy.

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“DEFINITIONS AND APPLICABILITY

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“SEC. 3. (a) As used in this title
“(1) The term 'financial institution' means a bank

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12 service corporation as defined by section 1861 of title 12,

13 United States Code, or any bank, institution, or financial in14 situation defined in or affected by titles I and II of Public 15 Law 91-508, or any other type of business or institution 16 performing similar or substitute functions of any of the fore17 going 18

“(2) The term 'person' means an individual, partner19 ship, corporation, association, trust, or any other legal entity 20 organized under the laws of any State or the United States.

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“(3) The term “account holder' means any person main22 taining a share, deposit, or credit card account with a finan

23cial institution.

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“ (4) The term 'financial records' means with respect to

25 any account holder

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“(A) any document granting signature authority over such account holder's deposit, share, or credit card

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account;

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“(B) a statement, ledger card, or other record of a deposit, share, or credit card account, which shows any

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balance or transaction, or both, in or with respect to such

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" (C) a check, draft, money order, invoice, receipt,

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or similar instrument drawn on a financial institution

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by such account holder or otherwise chargeable to his

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account, or issued, payable, or billable by a financial in

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stitution for the account, or at the direction, of such

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“(D) a check, draft, money order, invoice, receipt, or similar instrument received by a financial institution

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from such account holder for deposit, collection, or

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“(E) any individual item other than an institu

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tional or periodic charge, made pursuant to any agreement between a financial institution and such account

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holder which constitutes a debit or credit to the account

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holder's deposit, share, or credit card account if such

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item is not otherwise included in this subsection 3;

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“ (F) any record held by a financial institution containing information furnished by the account holder and

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