(a) Effective date. This part is effective November 13, 2000. In order to provide
sufficient time for you to establish policies and systems to comply with the requirements of this
part, the Board has extended the time for compliance with this part until July 1, 2001.
(b)(1) Notice requirement for consumers who are your customers on the compliance date.
By July 1, 2001, you must have provided an initial notice, as required by § 216.4, to consumers
who are your customers on July 1, 2001. (2) Example. You provide an initial notice to consumers who are your customers on July
1, 2001, if, by that date, you have established a system for providing an initial notice to all new
customers and have mailed the initial notice to all your existing customers.
(c) Two-year grandfathering of service agreements. Until July 1, 2002, a contract that
you have entered into with a nonaffiliated third party to perform services for you or functions on
your behalf satisfies the provisions of § 216.13(a)(2) of this part, even if the contract does not
include a requirement that the third party maintain the confidentiality of nonpublic personal
information, as long as you entered into the agreement on or before July 1, 2000.
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