Current through Register Vol. 48, No. 12, March 22, 2024
a)
Conditions for disclosure. Except as otherwise authorized in this Part, a
licensee may not, directly or through any affiliate, disclose any nonpublic
personal financial information about a consumer to a nonaffiliated third party
unless:
1) The licensee has provided to the
consumer an initial notice as required under Section
4002.40
of this Part;
2) The licensee has
provided to the consumer an opt out notice as set forth in Section
4002.70
of this Part;
3) The licensee has
given the consumer a reasonable opportunity, before it discloses the
information to the nonaffiliated third party, to opt out of the disclosure;
and
4) The consumer does not opt
out.
b) A licensee
provides a consumer with a reasonable opportunity to opt out by one of, but not
limited to, the following:
1) Mail. The
licensee mails the notices required in subsection (a) of this Section to the
consumer and allows the consumer to opt out by mailing a form, calling a
toll-free telephone number or any other reasonable means within 30 days from
the date the licensee mailed the notices.
2) Electronic means. A customer opens an
on-line account with a licensee and agrees to receive the notices required in
subsection (a) of this Section electronically, and the licensee allows the
customer to opt out by any reasonable means within 30 days after the date that
the customer acknowledges receipt of the notices in conjunction with opening
the account.
3) Isolated
transaction with consumer. For an isolated transaction such as providing the
consumer with an insurance quote, a licensee provides the consumer with a
reasonable opportunity to opt out if the licensee provides the notices required
in subsection (a) of this Section at the time of the transaction and requests
that the consumer decide, as a necessary part of the transaction, whether to
opt out before completing the transaction.
c) Application of opt out to all consumers
and all nonpublic personal financial information.
1) A licensee shall comply with this Section,
regardless of whether the licensee and the consumer have established a customer
relationship.
2) Unless a licensee
complies with this Section, the licensee may not, directly or through any
affiliate, disclose any nonpublic personal financial information about a
consumer that the licensee has collected, regardless of whether the licensee
collected it before or after receiving the direction to opt out from the
consumer.
d) Partial opt
out. A licensee may allow a consumer to select certain nonpublic personal
financial information or certain nonaffiliated third parties with respect to
which the consumer wishes to opt out.