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Financial Groups Stop Fighting Privacy Law

Financial groups have abandoned their fight against a state financial privacy law that could become the strongest one in the nation. Lawmakers now have until Wednesday to pass the bill.

If passed, the measure would require insurance companies, banks and other businesses to get permission before sharing or selling financial information about their customers. It would also allow customers to ask companies not to share such information with affiliates.

The financial industry successfully lobbied to kill the legislation three times. Yesterday´s deal comes amid the threat of a statewide ballot initiative that could be even stronger.