Annual privacy notice to customers required.

CFR · 2024-01-01 · US · Title 12

(a)(1) (2) (b)(1) (2) (i) In the case of a deposit account, the account is inactive under your policies; (ii) In the case of a closed-end loan, the customer pays the loan in full, you charge off the loan, or you sell the loan without retaining servicing rights; (iii) In the case of a credit card relationship or other open-end credit relationship, you no longer provide any statements or notices to the customer concerning that relationship or you sell the credit card receivables without retaining servicing rights; or (iv) You have not communicated with the customer about the relationship for a period of 12 consecutive months, other than to provide annual privacy notices or promotional material. (3) (i) In the case of a closed-end loan, the customer pays the loan in full, you charge off the loan, or you sell the loan without retaining servicing rights; (ii) In the case of a credit card relationship or other open-end credit relationship, you sell the receivables without retaining servicing rights; (iii) In the case of credit counseling services, the customer has failed to make required payments under a debt management plan, has been notified that the plan is terminated, and you no longer provide any statements or notices to the customer concerning that relationship; (iv) In the case of mortgage or vehicle loan brokering services, your customer has obtained a loan through you (and you no longer provide any statements or notices to the customer concerning that relationship), or has

official document · source cfr-2024 · id 12:§ 1016.5