500.519 Opt out notice; requirements.
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500.519 Opt out notice; requirements.
Sec. 519.
(1)If a licensee is required to provide an opt out notice under section 529, it shall provide a clear and conspicuous notice to each of its consumers that accurately explains the right to opt out under that section. The notice shall state all of the following:
(a)That the licensee discloses or reserves the right to disclose nonpublic personal financial information about its consumer to a nonaffiliated third party.
(b)That the consumer has the right to opt out of that disclosure.
(c)A reasonable means by which the consumer may exercise the opt out right.
(2)A licensee may provide the required opt out notice together with or on the same written or electronic form as the initial notice.
(3)If a licensee provides the opt out notice later than required for the initial notice, the licensee shall also include a copy of the initial notice with the opt out notice in writing or, if the consumer agrees, electronically.
History: Add. 2001, Act 24 , Imd. Eff. June 18, 2001
Popular Name: Act 218