R590-206-9. Revised Privacy Notices

  (1) General rule. Except as otherwise authorized in this rule, 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:

  (a) The licensee has provided to the consumer a clear and conspicuous revised notice that accurately describes its policies and practices;

  (b) The licensee has provided to the consumer a new opt out notice;

  (c) 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

  (d) The consumer does not opt out.

  (2) Examples.

  (a) Except as otherwise permitted by Sections 15, 16 and 17, a licensee shall provide a revised notice before it:

  (i) Discloses a new category of nonpublic personal financial information to any nonaffiliated third party;

  (ii) Discloses nonpublic personal financial information to a new category of nonaffiliated third party; or

  (iii) 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.

  (b) 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.

  (3) Delivery. When a licensee is required to deliver a revised privacy notice by this section, the licensee shall deliver it according to Section 11.