Can I collect financial information from participants in Arkansas? What are the requirements?

Based on the additional documents provided, the requirements for collecting financial information from participants in Arkansas depend on the purpose of collecting the information and the source of the information.

Disclosure of Nonpublic Personal Financial Information

According to [ARAR 054.00.74-16], a licensee may disclose nonpublic personal financial information about a consumer to a nonaffiliated third party without providing an initial notice, opt-out notice, or service providers and joint marketing notice if the licensee discloses nonpublic personal financial information as necessary to effect, administer, or enforce a transaction that a consumer requests or authorizes.

Additionally, [ARAR 054.00.74-11] states that a licensee may not disclose any nonpublic personal financial information about a consumer to a nonaffiliated third party unless the licensee has provided the consumer with an initial notice, opt-out notice, and a reasonable opportunity to opt-out of the disclosure.

Confidentiality of Information

Confidential information obtained by the Office of the Arkansas Lottery from a claimant agency shall retain its confidentiality according to [ARCO 23-115-404].

Conclusion

To collect financial information from participants in Arkansas, the purpose of collecting the information and the source of the information must be considered. If the information is nonpublic personal financial information, the licensee must provide the consumer with an initial notice, opt-out notice, and a reasonable opportunity to opt-out of the disclosure. Additionally, confidential information obtained by the Office of the Arkansas Lottery from a claimant agency shall retain its confidentiality.

[ARAR 054.00.74-16][ARAR 054.00.74-11][ARCO 23-115-404]

Jurisdiction

Arkansas

• Privacy