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Article: North Dakota Voters Reject Referendum To Allow Banks to Sell Customer Information Without Written Permission.(Brief Article)
- Article from:
- Mondaq Business Briefing
- Article date:
- June 27, 2002
CopyrightCOPYRIGHT 2002 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In the nation's first vote on bank information privacy, North Dakota's voters
handily rejected a state law on June 11, 2002 that had allowed banks to sell
customer information without written permission from the customers. It is reported that
the June 11, 2002 voter initiative resulted in seventy-four percent voting to
repeal the law, and twenty-six percent in favor.
The rejected law, which had gone into effect in North Dakota in July
2001, embraced a pro-bank "opt-out" approach. It required financial