500.525 Disclosure of nonpublic personal financial information to nonaffiliated third party.
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500.525 Disclosure of nonpublic personal financial information to nonaffiliated third party.
Sec. 525.
Except as otherwise authorized in this chapter, a licensee shall not, directly or through any affiliate, disclose any nonpublic personal financial information about a consumer to a nonaffiliated third party other than as described in the initial notice unless all of the following have been met:
(a)The licensee has provided to the consumer a clear and conspicuous revised notice that accurately describes its policies and practices.
(b)The licensee has provided to the consumer a new opt out notice.
(c)The licensee has given the consumer a reasonable opportunity, before the licensee discloses the information to the nonaffiliated third party, to opt out of the disclosure, and the consumer does not opt out.
History: Add. 2001, Act 24 , Imd. Eff. June 18, 2001
Popular Name: Act 218