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12 U.S.C. § 3404 - U.S. Code - Unannotated Title 12. Banks and Banking § 3404. Customer authorizations

Current as of January 01, 2024 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - 12 U.S.C. § 3404 - U.S. Code - Unannotated Title 12. Banks and Banking § 3404. Customer authorizations - last updated January 01, 2024 | https://codes.findlaw.com/us/title-12-banks-and-banking/12-usc-sect-3404/

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