Initial privacy notice to consumers required.

CFR · 2024-01-01 · US · Title 12

(a) (1) (2) (b) (1) You do not disclose any nonpublic personal information about the consumer to any nonaffiliated third party, other than as authorized by §§ 332.14 and 332.15; and (2) You do not have a customer relationship with the consumer. (c) (2) (3)(i) (A) Opens a credit card account with you; (B) Executes the contract to open a deposit account with you, obtains credit from you, or purchases insurance from you; (C) Agrees to obtain financial, economic, or investment advisory services from you for a fee; or (D) Becomes your client for the purpose of your providing credit counseling or tax preparation services. (ii) (A) Originate the loan to the consumer; or (B) Purchase the servicing rights to the consumer's loan. (d) (1) You may provide a revised privacy notice, under § 332.8, that covers the customer's new financial product or service; or (2) If the initial, revised, or annual notice that you most recently provided to that customer was accurate with respect to the new financial product or service, you do not need to provide a new privacy notice under paragraph (a) of this section. (e) (i) Establishing the customer relationship is not at the customer's election; or (ii) Providing notice not later than when you establish a customer relationship would substantially delay the customer's transaction and the customer agrees to receive the notice at a later time. (2) (ii) (A) You and the individual agree over the telephone to enter into a customer relationship involving prom

official document · source cfr-2024 · id 12:§ 332.4