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Can I collect bank account information from participants in Florida? What are the requirements?
Based on the provided context documents, collecting bank account information from participants in Florida is generally prohibited unless the licensee meets certain exceptions [2.1][3.1][2.2][3.2].
Exceptions to the general prohibition on disclosure of account numbers include disclosing the policy number or similar form of access number or access code to the licensee’s service provider solely in order to perform marketing for the licensee’s own products or services, as long as the service provider is not authorized to directly initiate charges to the account; to a licensee who is a producer solely in order to perform marketing for the licensee’s own products or services; or to a participant in an affinity or similar program where the participants in the program are identified to the customer when the customer enters into the program [2.2][3.2].
It is important to note that the licensee must adopt procedures to monitor credit balance disbursements to third parties and promptly notify customers who exceed the limitations established in subsection (3) of the rule [1.1].
Therefore, if you are a licensee and want to collect bank account information from participants in Florida for marketing purposes, you must ensure that you meet the exceptions to the general prohibition on disclosure of account numbers and adopt procedures to monitor credit balance disbursements to third parties and promptly notify customers who exceed the limitations established in subsection (3) of the rule [1.1][2.1][3.1][2.2][3.2].
Source(s):
- [1.1] Permissible Activities for an International Bank Agency
- [2.1] Other Exceptions to Notice and Opt Out Requirements for Disclosure of Nonpublic Personal Financial Information
- [3.1] Other Exceptions to Notice and Opt Out Requirements for Disclosure of Nonpublic Personal Financial Information
- [2.2] Limits on Sharing Account Number Information for Marketing Purposes
- [3.2] Limits on Sharing Account Number Information for Marketing Purposes
Jurisdiction
Florida