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Article: Finance companies hit as data laws are thrown out. (International).(North Dakota)(Brief Article)
- Article from:
- Precision Marketing
- Article date:
- July 5, 2002
- Author:
CopyrightCOPYRIGHT 2002 Centaur Communications Limited. 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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Bismarck, North Dakota: Voters have rejected a state law allowing banks to sell customer data without written permission from the customers, in a move which has serious implications for direct marketers.
The voter initiative resulted in 74 per cent of people voting to repeal the law, which had originally gone into effect in July 2001.
It allowed banks to offer consumers an opt-out approach, in the favour of financial institutions. It required them to notify customers of their intention to sell their information, but it allowed such sales to continue until customers opted-out.
Before the law was established, North Dakota ...