Scores of online companies could find themselves in violation of new financial privacy rules that took effect on Sunday amid widespread uncertainties over their scope, legal experts say. Growing fears over ambiguities in the Gramm-Leach-Bliley Act have drawn a belated flurry of notification efforts from several companies that offer services that might fall under the law. But for many, that realization may come too late.
The Gramm-Leach-Bliley Act, a financial reform law that goes into effect Sunday, contains provisions that address the collection and sharing of nonpublic personal information with third parties. It also requires companies to give consumers an opportunity to "opt out" of passing personal information to third parties.
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