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Can I collect financial information from participants in Oklahoma? What are the requirements?
Based on the provided context documents, you can collect financial information from participants in Oklahoma under certain circumstances.
Collection of financial information
Under OKAC 365:35-1-30 and OKAC 365:35-1-32, a licensee may provide nonpublic personal financial information to a nonaffiliated third party to perform services for the licensee or functions on the licensee’s behalf, if the licensee provides the initial notice in accordance with Section 365:35-1-10 and enters into a contractual agreement with the third party that prohibits the third party from disclosing or using the information other than to carry out the purposes for which the licensee disclosed the information. The services a nonaffiliated third party performs for a licensee may include marketing of the licensee’s own products or services or marketing of financial products or services offered pursuant to joint agreements between the licensee and one or more financial institutions.
Requirements for collection of financial information
Under OKAC 365:35-1-21, if a licensee receives nonpublic personal financial information from a nonaffiliated financial institution under an exception in Sections 365:35-1-31 or 32 of this regulation, the licensee’s disclosure and use of that information is limited. The licensee may disclose the information to the affiliates of the financial institution from which the licensee received the information, to its affiliates, but the licensee’s affiliates may, in turn, disclose and use the information only to the extent that the licensee may disclose and use the information, and pursuant to an exception in Sections 365:35-1-31 or 32 of this regulation, in the ordinary course of business to carry out the activity covered by the exception under which the licensee received the information.
Use of financial records in criminal investigation
Financial records may be obtained for use in a criminal investigation or proceeding through use of a search warrant obtained pursuant to a hearing wherein the court finds that the records are relevant to a legitimate law enforcement inquiry and delayed notice is appropriate as prescribed in paragraph 2 of subsection D of Section 2205 of Title 6 of the Oklahoma Statutes [3.1].
Subpoena of financial records
A court of competent jurisdiction, state agency or legislative committee may issue a subpoena for a customer’s financial record only if such subpoena is authorized by law. The customer shall have fourteen (14) days after the subpoena was served or mailed in which to file a motion to quash the subpoena [3.2].
Conclusion
You can collect financial information from participants in Oklahoma if you are a licensee and comply with the requirements outlined in OKAC 365:35-1-30 and OKAC 365:35-1-21. However, financial records may also be obtained through a search warrant or subpoena in certain circumstances [3.1][3.2].
Source(s):
Jurisdiction
Oklahoma