§ 3404. — Customer authorizations.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3404]
TITLE 12--BANKS AND BANKING
CHAPTER 35--RIGHT TO FINANCIAL PRIVACY
Sec. 3404. Customer authorizations
(a) Statement furnished by customer to financial institution and
Government authority; contents
A customer may authorize disclosure under section 3402(1) of this
title if he furnishes to the financial institution and to the Government
authority seeking to obtain such disclosure a signed and dated statement
which--
(1) authorizes such disclosure for a period not in excess of
three months;
(2) states that the customer may revoke such authorization at
any time before the financial records are disclosed;
(3) identifies the financial records which are authorized to be
disclosed;
(4) specifies the purposes for which, and the Government
authority to which, such records may be disclosed; and
(5) states the customer's rights under this chapter.
(b) Authorization as condition of doing business prohibited
No such authorization shall be required as a condition of doing
business with any financial institution.
(c) Right of customer to access to financial institution's record of
disclosures
The customer has the right, unless the Government authority obtains
a court order as provided in section 3409 of this title, to obtain a
copy of the record which the financial institution shall keep of all
instances in which the customer's record is disclosed to a Government
authority pursuant to this section, including the identity of the
Government authority to which such disclosure is made.
(Pub. L. 95-630, title XI, Sec. 1104, Nov. 10, 1978, 92 Stat. 3698; Pub.
L. 96-3, Mar. 7, 1979, 93 Stat. 5.)
Amendments
1979--Subsec. (d). Pub. L. 96-3 struck out subsec. (d) which had
directed that all financial institutions promptly notify all of their
customers of their rights under this chapter, that the Board of
Governors of the Federal Reserve System prepare a statement of
customers' rights under this chapter, and that the supplying of such a
statement to their customers by the financial institutions be deemed
compliance with the notification requirement.
Section Referred to in Other Sections
This section is referred to in sections 3402, 3409 of this title;
title 42 section 1383.
