Revised Privacy Notices

Revised Privacy Notices A. General rule. Except as otherwise authorized in this regulation, a licensee shall not, directly or through an affiliate, disclose any nonpublic personal financial information about a consumer to a nonaffiliated third party other than as described in the initial notice that the licensee provided to that consumer under Section 5, unless: 1. The licensee has provided to the consumer a clear and conspicuous revised notice that accurately describes its policies and practices; 2. The licensee has provided to the consumer a new opt out notice; 3. 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 4. The consumer does not opt out. B. Examples. 1. Except as otherwise permitted by Sections 14, 15 and 16, a licensee shall provide a revised notice before it: a. Discloses a new category of nonpublic personal financial information to any nonaffiliated third party; b. Discloses nonpublic personal financial information to a new category of nonaffiliated third party; or c. Discloses nonpublic personal financial information about a former customer to a nonaffiliated third party, if that former customer has not had the opportunity to exercise an opt out right regarding that disclosure. 2. A revised notice is not required if the licensee discloses nonpublic personal financial information to a new nonaffiliated third party that the licensee adequately described in its prior notice. C. Delivery. When a licensee is required to deliver a revised privacy notice by this section, the licensee shall deliver it according to Section 10.