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

Requirements for Collecting Financial Information from Participants in Illinois

If you are planning to collect financial information from participants in Illinois, you must comply with the Illinois Personal Information Protection Act (PIPA) [2.1]. PIPA requires organizations to take reasonable steps to protect personal information, including financial information, from unauthorized access, disclosure, or misuse.

Under PIPA, organizations must provide notice to individuals about the collection, use, and disclosure of their personal information, including financial information. The notice must include the purpose for which the information is collected, the categories of third parties with whom the information may be shared, and the means by which individuals can access and correct their information.

Organizations must also obtain individuals’ consent before collecting, using, or disclosing their personal information, including financial information. The consent must be informed and voluntary, and individuals must be able to withdraw their consent at any time.

In addition to PIPA, organizations that conduct charitable games or fundraising activities in Illinois must comply with the Illinois Charitable Games Act [6.1] and the Illinois Charitable Organization Annual Report Act [2.1]. These laws require organizations to register with the Illinois Department of Revenue and file annual reports, including financial information.

Conclusion

To collect financial information from participants in Illinois, you must comply with the Illinois Personal Information Protection Act and obtain individuals’ informed and voluntary consent. If you are conducting charitable games or fundraising activities, you must also comply with the Illinois Charitable Games Act and the Illinois Charitable Organization Annual Report Act.

Source(s):
Jurisdiction

Illinois