North Dakota Referendum 2, Financial Information Disclosure Measure (June 2002)
| North Dakota Referendum 2 | |
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| Election date |
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| Topic Banking policy and Business regulations |
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| Status |
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| Type Veto referendum |
Origin |
North Dakota Referendum 2 was on the ballot as a veto referendum in North Dakota on June 11, 2002. It was defeated.
A "yes" vote supported aligning state financial privacy definitions with federal law and allow institutions to share nonpublic information unless customers opted out, while requiring annual notice of privacy policies and opt out rights. |
A "no" vote opposed aligning state financial privacy definitions with federal law and allow institutions to share nonpublic information unless customers opted out, while requiring annual notice of privacy policies and opt out rights. |
Election results
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North Dakota Referendum 2 |
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| Result | Votes | Percentage | ||
| Yes | 31,805 | 26.67% | ||
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87,446 | 73.33% | ||
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- Results are officially certified.
- Source
Text of measure
Ballot title
The ballot title for Referendum 2 was as follows:
| “ | 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. | ” |
Path to the ballot
A veto referendum is a citizen-initiated ballot measure that asks voters whether to uphold or repeal an enacted law. This type of ballot measure is also called statute referendum, popular referendum, people's veto, or citizen's veto. There are 23 states that allow citizens to initiate veto referendums.
In North Dakota, the number of signatures required for a veto referendum is equal to 2% of the state's population reported by the last decennial census.
A referendum petition with the required number of signatures must be submitted within 90 days after the legislation being referred was signed by the governor and filed with the secretary of state.
See also
External links
Footnotes
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State of North Dakota Bismarck (capital) |
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