The state of California has adopted a Financial Privacy Law based on passage of Senate Bill 1. It was passed on 8/27/03 and takes effect on July 1, 2004. However, the organization I work for as a mortgage banker, does not have to comply. Our legal counsel informed me a couple of days ago tha since we provide an Opt-Out Form under the GLB Privacy Act and so as long as we are not giving out or selling the customer's information, then we do ot have to comply under the state's law. If your state has not adpoted a financial privacy law, consider yourself fortunate and I would continue comply under the GLB Act.
The opinions expressed are mine and not those of my employer.