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

Collecting Financial Information from Participants in Rhode Island

To collect financial information from participants in Rhode Island, you must comply with certain rules and regulations.

Consent and Opt-Out Requirements

According to ^[2.1], the requirements for initial notice to consumers, opt-out, and service providers and joint marketing do not apply when a licensee discloses nonpublic personal financial information with the consent or at the direction of the consumer, provided that the consumer has not revoked the consent or direction.

Exceptions to Opt-Out Requirements

^[2.1] also lists several exceptions to opt-out requirements for disclosure of nonpublic personal financial information. These exceptions include:

• To protect the confidentiality or security of a licensee’s records pertaining to the consumer, service, product, or transaction
• To protect against or prevent actual or potential fraud or unauthorized transactions
• For required institutional risk control or for resolving consumer disputes or inquiries
• To persons holding a legal or beneficial interest relating to the consumer
• To persons acting in a fiduciary or representative capacity on behalf of the consumer
• To provide information to insurance rate advisory organizations, guaranty funds or agencies, agencies that are rating a licensee, persons that are assessing the licensee’s compliance with industry standards, and the licensee’s attorneys, accountants and auditors
• To comply with federal, state or local laws, rules and other applicable legal requirements

Additional Requirements

It is important to note that there may be additional rules and regulations that apply to collecting financial information from participants in Rhode Island. Therefore, it is recommended that you consult with a legal professional to ensure that you are in compliance with all applicable laws and regulations.

In summary, to collect financial information from participants in Rhode Island, you must comply with consent and opt-out requirements, as well as any additional rules and regulations that may apply.

^[2.1] provides exceptions to opt-out requirements for disclosure of nonpublic personal financial information.

Source(s):

• [2.1] Other Exceptions to Notice and Opt Out Requirements for Disclosure of Nonpublic Personal Financial Information

Jurisdiction

Rhode Island

• Privacy