Jackie Speier, the Democratic California state senator, probably broke out the victory champagne on Aug. 27. After many setbacks Gov. Gray Davis signed her privacy bill (SB-1), rated as the toughest in the nation, into law.
Federal law might still supersede SB-1, but for now, financial institutions are faced with stern local measures that will take effect July 1, 2004.
For one thing, the bill mandates that banks obtain a consumer’s permission before sharing information with outside companies,
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