Voters in North Dakota overwhelmingly rejected a law that allowed banks to sell customer information without written permission, an action that could lead to stricter financial privacy laws, according to news reports.
With 94% of precincts reporting early Wednesday, unofficial totals showed 80,706 voters, or 73%, decided to repeal a state law that allows banks, credit unions and other financial institutions to sell private information without first getting customers' permission first.
But 27%, or 29,176 voters, favored keeping the law, which banks and credit unions argued was needed to help promote financial services jobs in the state.
North Dakota's law was patterned after a federal financial privacy measure, approved by Congress three years ago. Tuesday's vote was the first time voters in any state have rendered a judgment on financial privacy.
Gov. John Hoeven, a former banker who opposed the repeal, said state officials will have to measure the vote's impact. It will complicate efforts to expand financial services’ jobs in the state, he said.
