R.C.S.A. § 38a-8-116
Exception to opt out requirements for disclosure of nonpublic personal financial information for service providers and joint marketing
Cite as Conn. Agencies Regs. § 38a-8-116
for service providers and joint marketing
(a) The opt out requirements in sections 38a-8-110 and 38a-8-113 of the Regulations of
Connecticut State Agencies shall not apply when a licensee provides nonpublic personal
financial information to a nonaffiliated third party to perform services for the licensee
or functions on the licensee's behalf, if the licensee:
(1) Provides the initial notice in accordance with section 38a-8-107 of the Regulations
of Connecticut State Agencies; and
(2) Enters into a contractual agreement with the third party that prohibits the third
party from disclosing or using the information other than to carry out the purposes
for which the licensee disclosed the information, including use under an exception
in section 38a-8-117 or 38a-8-118 of the Regulations of Connecticut State Agencies,
in the ordinary course of business to carry out those purposes.
(b) If a licensee discloses nonpublic personal financial information as set forth in this
section to a financial institution with which the licensee performs joint marketing,
the licensee's contractual agreement with that financial institution meets the requirements
of subsection (a)(2) of this section if it prohibits the financial institution from
disclosing or using the nonpublic personal financial information except as necessary
to carry out the joint marketing or under an exception in section 38a-8-117 or 38a-8-118
of the Regulations of Connecticut State Agencies, in the ordinary course of business
to carry out that joint marketing.
(c) The services a nonaffiliated third party performs for a licensee may include marketing
of the licensee's own products or services or marketing of financial products or services
offered pursuant to joint agreements between the licensee and one or more financial
institutions
(d) For purposes of this section, "joint agreement" means a written contract pursuant
to which a licensee and one or more financial institutions jointly offer, endorse,
or sponsor a financial product or service.