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Can I collect bank account information from participants in Maine? What are the requirements?
Based on the provided context documents, it appears that you can collect bank account information from participants in Maine as long as you comply with the requirements outlined in the federal Gramm-Leach-Bliley Act and the applicable implementing federal Privacy of Consumer Information regulations, as well as any additional requirements prescribed by the superintendent.
Requirements for Collecting Bank Account Information in Maine
According to [2.1], any financial institution, including a check cashing business or foreign currency exchange business, must comply with the provisions of the federal Gramm-Leach-Bliley Act and the applicable implementing federal Privacy of Consumer Information regulations. This applies if the check cashing business or foreign currency exchange business is a financial institution as defined in those regulations.
Furthermore, [1.2] states that a foreign bank that has established a Maine branch or Maine agency must comply with applicable record-keeping and reporting requirements that apply to financial institutions organized under this Title and with any additional requirements that may be prescribed by the superintendent.
Additionally, [2.2] indicates that a cash-dispensing machine operator must comply with the provisions of the federal Gramm-Leach-Bliley Act and the applicable implementing federal Privacy of Consumer Information regulations if the cash-dispensing machine operator is a financial institution as defined in those regulations.
Conclusion
Based on the provided context documents, it appears that you can collect bank account information from participants in Maine as long as you comply with the requirements outlined in the federal Gramm-Leach-Bliley Act and the applicable implementing federal Privacy of Consumer Information regulations, as well as any additional requirements prescribed by the superintendent.
Source(s):
- [1.2] Deposit requirements; asset requirements
- [2.1] Privacy of consumer financial information
- [2.2] Privacy of consumer financial information
Jurisdiction
Maine