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Section 500.519 Opt Out Notice; Requirements.

MI Comp L § 500.519 (2019) (N/A)
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Sec. 519.

(1) If a licensee is required to provide an opt out notice under section 529, it shall provide a clear and conspicuous notice to each of its consumers that accurately explains the right to opt out under that section. The notice shall state all of the following:

(a) That the licensee discloses or reserves the right to disclose nonpublic personal financial information about its consumer to a nonaffiliated third party.

(b) That the consumer has the right to opt out of that disclosure.

(c) A reasonable means by which the consumer may exercise the opt out right.

(2) A licensee may provide the required opt out notice together with or on the same written or electronic form as the initial notice.

(3) If a licensee provides the opt out notice later than required for the initial notice, the licensee shall also include a copy of the initial notice with the opt out notice in writing or, if the consumer agrees, electronically.

History: Add. 2001, Act 24, Imd. Eff. June 18, 2001 Popular Name: Act 218

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Section 500.517 Initial Notice Requirements for Consumer Not a Customer; Short-Form Initial Notice; Delivery.
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Section 500.521 Opt Out Notice to Joint Consumers.