(a) Disclosure required
At the time of establishing a customer relationship with a consumer and not less than annually during the continuation of such relationship, a financial institution shall provide a clear and conspicuous disclosure to such consumer, in writing or in electronic form or other form permitted by the regulations prescribed under section 6804 of this title, of such financial institution’s policies and practices with respect to—
(1) disclosing nonpublic personal information to affiliates and nonaffiliated third parties, consistent with section 6802 of this title, including the categories of information that may be disclosed;
(2) disclosing nonpublic personal information of persons who have ceased to be customers of the financial institution; and
Disclosures required by subsection (a) shall be made in accordance with the regulations prescribed under section 6804 of this title.
(c) Information to be included
The disclosure required by subsection (a) of this section shall include—
(1) the policies and practices of the institution with respect to disclosing nonpublic personal information to nonaffiliated third parties, other than agents of the institution, consistent with section 6802 of this title, and including—
(A) the categories of persons to whom the information is or may be disclosed, other than the persons to whom the information may be provided pursuant to section 6802 (e) of this title; and
(2) the categories of nonpublic personal information that are collected by the financial institution;
(3) the policies that the institution maintains to protect the confidentiality and security of nonpublic personal information in accordance with section 6801 of this title; and
(d) Exemption for certified public accountants
(1) In general
The disclosure requirements of subsection (a) do not apply to any person, to the extent that the person is—
Nothing in this subsection shall be construed to exempt or otherwise exclude any financial institution that is affiliated or becomes affiliated with a certified public accountant described in paragraph (1) from any provision of this section.
(e) Model forms
(1) In general
A model form developed under paragraph (1) shall—
(C) enable consumers easily to identify the sharing practices of a financial institution and to compare privacy practices among financial institutions; and
A model form required to be developed by this subsection shall be issued in proposed form for public comment not later than 180 days after October 13, 2006.
Source(Pub. L. 106–102, title V, § 503,Nov. 12, 1999, 113 Stat. 1439; Pub. L. 109–351, title VI, § 609, title VII, § 728,Oct. 13, 2006, 120 Stat. 1983, 2003.)
2006—Pub. L. 109–351designated concluding provisions of subsec. (a) as (b), inserted heading, substituted “Disclosures required by subsection (a)” for “Such disclosures”, redesignated former subsec. (b) as (c), and added subsecs. (d) and (e).