The G-L-B act, signed into law by President Clinton on November 12, 1999, is a sweeping piece of legislation containing 7 titles and 740 sections. It affects all financial institutions in areas from fair treatment of women by financial advisors, to the rescission of Glass-Steagall.1 But the section that is currently getting the most attention is Title V, section 502, entitled ?Obligations with respect to disclosures of personal information.? Most everyone has by now received a notice from your bank, brokerage firm or insurance company explaining their position on privacy as it relates to your personal information. Most people will probably give the notice only a passing glance, and throw it away. I would advise you to read it carefully, though. The law provides that most larger financial institutions allow for an ?opt-out? provision to be made available. Often, in order to opt-out of information sharing you must either sign and return something, or call them.
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