DEVELOPMENT OF MODEL PRIVACY FORM.

SEC. 728. DEVELOPMENT OF MODEL PRIVACY FORM. Section 503 of the Gramm-Leach-Bliley Act (15 U.S.C. 6803), as amended by section 609, is amended by adding at the end the following:“(e) Model Forms.—“(1) In general.—The agencies referred to in section 504(a)(1) shall jointly develop a model form which may be used, at the option of the financial institution, for the provision of disclosures under this section.“(2) Format.—A model form developed under paragraph (1) shall—“(A) be comprehensible to consumers, with a clear format and design;“(B) provide for clear and conspicuous disclosures;“(C) enable consumers easily to identify the sharing practices of a financial institution and to compare privacy practices among financial institutions; and“(D) be succinct, and use an easily readable type font.“(3) Timing.—A model form required to be developed by this subsection shall be issued in proposed form for public comment not later than 180 days after the date of enactment of this subsection.120 STAT. 2004“(4) Safe harbor.—Any financial institution that elects to provide the model form developed by the agencies under this subsection shall be deemed to be in compliance with the disclosures required under this section.”.