File No. 55

Senate, March 21, 2006

The Committee on Banks reported through SEN. DUFF of the 25th Dist., Chairperson of the Committee on the part of the Senate, that the bill ought to pass.

AN ACT PROTECTING CONSUMER INFORMATION.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. (Effective from passage) Not later than July 1, 2006, the Banking Commissioner shall convene a working group to analyze and recommend methods to protect consumer data and prevent identity theft, as defined in section 53a-129a of the general statutes. Said commissioner may employ such consultants and experts as the commissioner deems necessary for the conduct of such analysis.

(b) The working group shall consist of (1) the Banking Commissioner or his or her designee, (2) a representative of the Connecticut Bankers Association, appointed by the chairpersons of the joint standing committee of the General Assembly having cognizance of matters relating to banks, (3) a representative of the Connecticut Business and Industry Association, appointed by the chairpersons of the joint standing committee of the General Assembly having cognizance of matters relating to banks, (4) a representative of the Connecticut Credit Union Association, appointed by the chairpersons of the joint standing committee of the General Assembly having cognizance of matters relating to banks, (5) a representative of the Connecticut Society of Mortgage Brokers, appointed by the chairpersons of the joint standing committee of the General Assembly having cognizance of matters relating to banks, (6) a representative of the Better Business Bureau, appointed by the ranking members of the joint standing committee of the General Assembly having cognizance of matters relating to banks, and (7) a representative of the American Association of Retired Persons, appointed by the ranking members of the joint standing committee of the General Assembly having cognizance of matters relating to banks. The commissioner shall chair the working group.

(c) Not later than January 1, 2007, the commissioner shall submit a report on the working group's findings and recommendations to the joint standing committees of the General Assembly having cognizance of matters relating to banks and the judiciary, in accordance with section 11-4a of the general statutes.

The following fiscal impact statement and bill analysis are prepared for the benefit of members of the General Assembly, solely for the purpose of information, summarization, and explanation, and do not represent the intent of the General Assembly or either House thereof for any purpose:

OFA Fiscal Note

State Impact:

Note: BF=Banking Fund

Municipal Impact: None

Explanation

The bill requires the banking commissioner to convene a seven-member working group to analyze and make recommendation on methods of identity theft prevention and consumer data protection by July 1, 2006. The bill allows the commissioner to employ consultants and experts as necessary. Depending on whether the commissioner employs consultants and experts, the bill could result in a minimal cost.

The bill also requires the commissioner to submit the report on the group's findings to the Banks and Judiciary Committees by January 1, 2007.

The Out Years

Since the bill requires the report to be completed by January 1, 2007, there is no fiscal impact in the out years.



OLR Bill Analysis

SB 419

AN ACT PROTECTING CONSUMER INFORMATION.

SUMMARY:

The Office of Legislative Research does not analyze Special Acts.

COMMITTEE ACTION

Banks Committee

Joint Favorable