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Can you summarize 15 USC 6802?
DISCLOSURE OF NONPUBLIC PERSONAL INFORMATION > Obligations with respect to disclosures of personal information
Short Summary
This document, governed by the United States Code, COMMERCE AND TRADE, PRIVACY, DISCLOSURE OF NONPUBLIC PERSONAL INFORMATION, outlines the obligations of financial institutions with respect to the disclosure of personal information. It prohibits financial institutions from disclosing nonpublic personal information to nonaffiliated third parties unless the consumer has been provided with a notice that complies with the requirements of section 6803. The document also requires financial institutions to provide consumers with the opportunity to opt out of such disclosures and explains how they can exercise that option. However, there are exceptions to these requirements, such as disclosures necessary for transaction administration, fraud prevention, or compliance with legal requirements. The document also restricts the sharing of account number information for marketing purposes and provides general exceptions for specific circumstances. Penalties for non-compliance are not specified in this document.
Whom does it apply to?
Financial institutions and nonaffiliated third parties
What does it govern?
Disclosures of personal information
What are exemptions?
The document provides exceptions for disclosures necessary to effect, administer, or enforce a transaction requested or authorized by the consumer, disclosures with the consent or at the direction of the consumer, disclosures to protect the confidentiality or security of the financial institution's records, disclosures to prevent fraud or other liability, disclosures to persons with legal or beneficial interest, disclosures to fiduciaries or representatives acting on behalf of the consumer, disclosures to insurance rate advisory organizations, guaranty funds or agencies, rating agencies, attorneys, accountants, and auditors, disclosures permitted or required under other provisions of law, disclosures to law enforcement agencies, self-regulatory organizations, or for investigations related to public safety, disclosures to consumer reporting agencies, disclosures in connection with a proposed or actual sale, merger, transfer, or exchange of a business or operating unit, and disclosures to comply with legal requirements or respond to regulatory authorities.
What are the Penalties?
Penalties for non-compliance or violation of the document's provisions are not specified in this document.
Jurisdiction
U.S. Federal Government