May 8, 2008, Introduced by Reps. Jackson and Dean and referred to the Committee on Banking and Financial Services.
A bill to amend 2003 PA 215, entitled
"Credit union act,"
(MCL 490.101 to 490.601) by adding section 388.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 388. (1) Before a domestic credit union sells or
otherwise transfers any personal identifying information concerning
a member, borrower, or other individual to another person, the
domestic credit union shall provide a notice to that individual
that indicates what personal identifying information the domestic
credit union is transferring and the reason for the transfer,
identifies the transferee of that information, and includes a
telephone number or other contact information for the domestic
credit union that the individual may use to notify the domestic
credit union concerning any errors in his or her personal
identifying information. The domestic credit union shall not sell
or otherwise transfer that individual's personal identifying
information for at least 10 days after providing the notice.
(2) A domestic credit union shall provide a notice required
under this section by providing 1 or more of the following to the
recipient:
(a) Written notice sent to the recipient at the recipient's
postal address in the records of the domestic credit union.
(b) Written notice sent electronically to the recipient if any
of the following are met:
(i) The recipient has expressly consented to receive electronic
notice.
(ii) The domestic credit union has an existing business
relationship with the recipient that includes periodic electronic
mail communications and based on those communications the domestic
credit union reasonably believes that it has the recipient's
current electronic mail address.
(iii) The domestic credit union conducts its business primarily
through internet account transactions or on the internet.
(c) If not otherwise prohibited by state or federal law,
notice given by telephone by an individual who represents the
domestic credit union if all of the following are met:
(i) The notice is not given in whole or in part by use of a
recorded message.
(ii) The recipient has expressly consented to receive notice by
telephone, or if the recipient has not expressly consented to
receive notice by telephone, the domestic credit union also
provides notice under subdivision (a) or (b) if the notice by
telephone does not result in a live conversation between the
individual representing the domestic credit union and the recipient
within 3 business days after the initial attempt to provide
telephonic notice.
(3) A notice under this section shall meet all of the
following:
(a) For a notice provided under subsection (2)(a) or (b), be
written in a clear and conspicuous manner and contain the content
required under subsection (2).
(b) For a notice provided under subsection (2)(c), clearly
communicate the content required under subsection (2) to the
recipient of the telephone call.
(4) As used in this section, "personal identifying
information" means that term as defined in section 3 of the
identity theft protection act, 2004 PA 452, MCL 445.63.
Enacting section 1. This amendatory act does not take effect
unless all of the following bills of the 94th Legislature are
enacted into law:
(a) Senate Bill No. ____ or House Bill No. 6099(request no.
05635'07).
(b) Senate Bill No. ____ or House Bill No. 6100(request no.
05636'07).
(c) Senate Bill No. ____ or House Bill No. 6101(request no.
05637'07).
(d) Senate Bill No. ____ or House Bill No. 6102(request no.
05638'07).
(e) Senate Bill No. ____ or House Bill No. 6103(request no.
05639'07).
(f) Senate Bill No. ____ or House Bill No. 6104(request no.
05979'07).
(g) Senate Bill No. ____ or House Bill No. 6105(request no.
05980'07).
(h) Senate Bill No. ____ or House Bill No. 6106(request no.
05981'07).