North Dakota Financial Information Disclosure, Referred Measure 2 (2002)

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The North Dakota Financial Information Disclosure Referendum, also known as Referred Measure 2, was on the June 11, 2002 ballot in North Dakota as a legislatively-referred state statute, where it was defeated.[1] The measure would have changed the definitions of a “customer” of a financial institution and “customer information” to be similar to that provided in federal law. It also would have permitted financial institutions to disclose nonpublic personal information to third parties unless the customer does not agree to the disclosure and so notifies the financial institution, a process that has been termed “opting out.” The law also would have required financial institutions to notify their agricultural and commercial customers about the financial institution’s privacy policies and to notify those customers annually of their ability to “opt out” of the disclosure of nonpublic information.[2]

Election results

North Dakota Referred Measure 2 (2002)
ResultVotesPercentage
Defeatedd No87,44673.33%
Yes 31,805 26.67%

Election results via: North Dakota Secretary of State, Official Vote of Primary Election, 2002

Text of measure

The language appeared on the ballot as:[2]

REFERRED MEASURE NO. 2
(Senate Bill No. 2191, 2001 North Dakota Session Laws, Ch. 97)

Senate Bill No. 2191, approved by the 2001 Legislative Assembly, became law on July 1, 2001. The law pertains to the disclosure of customer information by financial institutions, including banks and credit unions, and notification of privacy policies by financial institutions. The law changes the definitions of a “customer” of a financial institution and “customer information” to be similar to that provided in federal law. It permits financial institutions to disclose nonpublic personal information to third parties unless the customer does not agree to the disclosure and so notifies the financial institution, a process described as “opting out.” The law also requires financial institutions to notify their agricultural and commercial customers about the financial institution’s privacy policies and to notify those customers annually of their right to “opt out” of having their nonpublic information disclosed.

A “YES” vote means you agree with the provisions of Senate Bill No. 2191, as summarized above, and agree to uphold the measure.

A “NO” vote means you disagree with the provisions of Senate Bill No. 2191, as summarized above, and agree to repeal the measure. [3]

See also

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