(a) In general. You must not use
eligibility information about a consumer
that you receive from an affiliate to
make a solicitation to the consumer
about your products or services, unless
the consumer is provided a reasonable
opportunity to opt out, as required by
§ 222.21(a)(1)(ii) of this part.
(b) Examples of a reasonable
opportunity to opt out. The consumer is
given a reasonable opportunity to opt
out if:
(1) By mail. The opt-out notice is
mailed to the consumer. The consumer
is given 30 days from the date the notice
is mailed to elect to opt out by any
reasonable means.
(2) By electronic means. (i) The optout
notice is provided electronically to
the consumer, such as by posting the
notice at an Internet Web site at which
the consumer has obtained a product or
service. The consumer acknowledges
receipt of the electronic notice. The
consumer is given 30 days after the date
the consumer acknowledges receipt to
elect to opt out by any reasonable
means.
(ii) The opt-out notice is provided to
the consumer by e-mail where the
consumer has agreed to receive
disclosures by e-mail from the person
sending the notice. The consumer is
given 30 days after the e-mail is sent to
elect to opt out by any reasonable
means.
(3) At the time of an electronic
transaction. The opt-out notice is
provided to the consumer at the time of
an electronic transaction, such as a
transaction conducted on an Internet
Web site. The consumer is required to
decide, as a necessary part of
proceeding with the transaction,
whether to opt out before completing
the transaction. There is a simple
process that the consumer may use to
opt out at that time using the same
mechanism through which the
transaction is conducted.
(4) At the time of an in-person
transaction. The opt-out notice is
provided to the consumer in writing at
the time of an in-person transaction.
The consumer is required to decide, as
a necessary part of proceeding with the
transaction, whether to opt out before
completing the transaction, and is not
permitted to complete the transaction
without making a choice. There is a
simple process that the consumer may
use during the course of the in-person
transaction to opt out, such as
completing a form that requires
consumers to write a ‘‘yes’’ or ‘‘no’’ to
indicate their opt-out preference or that
requires the consumer to check one of
two blank check boxes—one that allows
consumers to indicate that they want to
opt out and one that allows consumers
to indicate that they do not want to opt
out.
(5) By including in a privacy notice.
The opt-out notice is included in a
Gramm-Leach-Bliley Act privacy notice.
The consumer is allowed to exercise the
opt-out within a reasonable period of
time and in the same manner as the optout
under that privacy notice.
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
