releases: https://trott.house.gov/media-center/press-releases/trotts-legislation-modernize-auto-industry-lending-passes-house
Data license: MIT · Data source: dwillis/congress-press
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| https://trott.house.gov/media-center/press-releases/trotts-legislation-modernize-auto-industry-lending-passes-house | Trott's Legislation to Modernize Auto Industry Lending Passes House with Bipartisan Support | 2017-12-14 | 2017 | 2017-12 | Republican | House | MI | Dave Trott | T000475 | trott.house.gov | legacy | WASHINGTON - Today, U.S. Representative Dave Trott (MI-11) issued the following statement following the House of Representatives' passage of thePrivacy Notification Technical Clarification Act(H.R. 2396), bipartisan legislation he introduced to modernize the privacy notification process of auto lenders and increase consumers' access to lender privacy policies: "When companies inundate individuals with pages and pages of legalese, the details are lost, and the important information is hidden. This critical legislation finally addresses the current avalanche of confusing notices consumers receive in the mail by modernizing the privacy notification process, and improving transparency and accountability. This commonsense bill will cut down on the high compliance costs these companies are forced to pass along to consumers, while increasing consumer access to important privacy information. I applaud my colleagues in the House for passing this bipartisan legislation and look forward to the Senate's consideration of this important measure." "The Privacy Notification Technical Clarification Act has strong bipartisan support and provides a simple and flexible approach that modernizes the privacy notification process for a larger number of financial services providers and their consumers. I thank Representative Trott, a member of the Financial Services Committee, for introducing this legislation and for leading Congressional efforts to modernize the privacy notification process for consumers," said Financial Services Committee Chairman Jeb Hensarling. Financial institutions must issue privacy notices to consumers upon issuance of the consumer's first loan with that financial institution. In December 2015, legislation was signed into law that lifted the previous requirement that financial institutions mail this same privacy policy annually. This legislation allowed financial institutions to modernize their privacy policy notification process, requiring institutions mail privacy policy notices only if the policy has changed from the previous year. However, this legislation unintentionally omitted some loan insurers from this modernization option, including auto lenders. ThePrivacy Notification Technical Clarification Actwould fix this oversight and extend this same modernization option to those lenders previously omitted, including auto lenders. Under this legislation, auto lenders that opt out of the mailed annual privacy notification requirement must make their privacy policy readily accessible on their website and available in hardcopy upon request. | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |