2017 Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 THE INSURANCE CODE OF 1956 (500.100 - 500.8302)
218-1956-5 CHAPTER 5 PRIVACY OF FINANCIAL INFORMATION (500.501...500.547)
Section 500.525 Disclosure of nonpublic personal financial information to nonaffiliated third party.
Sec. 525.
Except as otherwise authorized in this chapter, a licensee shall not, directly or through any affiliate, disclose any nonpublic personal financial information about a consumer to a nonaffiliated third party other than as described in the initial notice unless all of the following have been met:
(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 the consumer does not opt out.
History: Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name: Act 218
