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

Based on the additional context provided, here is a refined response to your query:

Requirements for Collecting Financial Information in North Carolina

If you are collecting financial information from participants in North Carolina, you may be subject to certain requirements.

Financial Privacy Act

Under the North Carolina Financial Privacy Act, financial institutions and their officers, employees, or agents are generally prohibited from disclosing a customer’s financial record to a government authority, except as provided in the Act [2.1]([2.1]). However, financial institutions may disclose the name, address, and existence of an account of any customer to a government authority that makes a written request stating the reason for the request [2.1]([2.1]).

Charitable Organizations

If you are a charitable organization or sponsor planning to solicit contributions in North Carolina, you must obtain a license from the Department of the Secretary of State [5.1]([5.1]). As part of the licensing process, you will be required to submit financial information, including a financial report for the immediately preceding fiscal year [5.1]([5.1]).

Licensure under G.S. 131F-5, 131F-15, and 131F-16

If you are subject to licensure under G.S. 131F-5, 131F-15, and 131F-16, you must maintain accurate financial records, including total support and revenue on a gross basis and an itemization of all actual fund-raising expenses [6.1]([6.1]). These financial records must be retained for a period of at least three years after the license period to which they relate [6.1]([6.1]).

Conclusion

In summary, if you are collecting financial information from participants in North Carolina, financial institutions are generally prohibited from disclosing a customer’s financial record to a government authority, except as provided in the North Carolina Financial Privacy Act. If you are a charitable organization or sponsor planning to solicit contributions in North Carolina, you must obtain a license and submit financial information as part of the licensing process. Additionally, if you are subject to licensure under G.S. 131F-5, 131F-15, and 131F-16, you must maintain accurate financial records.

Please note that this response is based solely on the provided context and may not be a comprehensive answer to your specific situation. If you have further questions or concerns, it may be advisable to consult with a legal professional.

Source(s):
Jurisdiction

North Carolina