Can I prioritize privacy compliance to gain a competitive advantage, reduce the possibility of regulatory issues, and help secure valuable partnerships in Florida? What are the requirements?

Prioritizing Privacy Compliance in Florida

Yes, prioritizing privacy compliance can provide a competitive advantage, reduce the possibility of regulatory issues, and help secure valuable partnerships in Florida.

Requirements for Privacy Compliance

The Florida Administrative Code (F.A.C.) outlines the requirements for privacy compliance for licensees. Licensees must provide initial notice to consumers about their privacy policies and practices ^[1.3]. The notice must be clear and conspicuous and accurately reflect the licensee’s privacy policies and practices ^[1.3]. Licensees must also provide exceptions to notice and opt-out requirements for disclosure of nonpublic personal financial information ^{[1.1][2.1][3.1]}.

Licensees are not required to provide an initial notice to a consumer if the licensee does not disclose any nonpublic personal financial information about the consumer to any nonaffiliated third party, other than as authorized by rules 69O-128.015 and 69O-128.016, F.A.C., and the licensee does not have a customer relationship with the consumer ^[1.3].

Licensees must comply with federal, state, or local laws, rules, and other applicable legal requirements ^[1.1][3.1]. They must also comply with a properly authorized civil, criminal, or regulatory investigation, or subpoena or summons by federal, state, or local authorities ^[1.1][3.1].

Revised Privacy Notices

Licensees must provide a clear and conspicuous revised notice that accurately describes its policies and practices before disclosing any nonpublic personal financial information about a consumer to a nonaffiliated third party other than as described in the initial notice ^[1.2]. The licensee must also provide a new opt-out notice and give the consumer a reasonable opportunity to opt-out of the disclosure ^[1.2].

Information to be Included in Privacy Notices

The initial, annual, and revised privacy notices that a licensee provides must include the categories of nonpublic personal financial information that the licensee collects and discloses, the categories of affiliates and nonaffiliated third parties to whom the licensee discloses nonpublic personal financial information, and an explanation of the consumer’s right to opt-out of the disclosure of nonpublic personal financial information to nonaffiliated third parties ^[1.4].

Conclusion

Prioritizing privacy compliance can provide a competitive advantage, reduce the possibility of regulatory issues, and help secure valuable partnerships in Florida. Licensees must provide initial notice to consumers about their privacy policies and practices, comply with federal, state, or local laws, rules, and other applicable legal requirements, and provide a clear and conspicuous revised notice before disclosing any nonpublic personal financial information about a consumer to a nonaffiliated third party other than as described in the initial notice.

Source(s):

• [1.1] Other Exceptions to Notice and Opt Out Requirements for Disclosure of Nonpublic Personal Financial Information
• [2.1] Other Exceptions to Notice and Opt Out Requirements for Disclosure of Nonpublic Personal Financial Information
• [3.1] Other Exceptions to Notice and Opt Out Requirements for Disclosure of Nonpublic Personal Financial Information
• [1.2] Revised Privacy Notices
• [1.3] Initial Privacy Notice to Consumers Required
• [1.4] Information to be Included in Privacy Notices

Jurisdiction

Florida

• Privacy