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

Prioritizing Privacy Compliance in Louisiana

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

Requirements for Privacy Compliance

The Louisiana Administrative Code (LAAC) provides regulations for privacy compliance for licensees operating in Louisiana. Licensees are required to provide a clear and conspicuous initial notice that accurately reflects its privacy policies and practices to customers not later than when the licensee establishes a customer relationship, and to consumers before disclosing any nonpublic personal financial information about the consumer to any nonaffiliated third party [2.1][§9911]. Licensees are also required to provide a revised notice before disclosing a new category of nonpublic personal financial information to any nonaffiliated third party, disclosing nonpublic personal financial information to a new category of nonaffiliated third party, or disclosing nonpublic personal financial information about a former customer to a nonaffiliated third party, if that former customer has not had the opportunity to exercise an opt-out right regarding that disclosure [2.2][§9919].

Additionally, licensees can enroll in the optional Secure Business Filings (SBF) service designed to discourage fraudulent business filings in Louisiana. The service will notify a business entity via email whenever amendments are submitted on the business entity through geauxBIZ. The business entity will have the opportunity to review the filing and approve or reject further processing by the Department of State. Any person who has a geauxBIZ account with a verified email address can enroll in the optional SBF service. The enrollment application must be authorized by a person who is a named officer, director, member, manager, or partner of record (the authorizing authority). The identity of the authorizing authority must be verified by completing a secure business filing service enrollment application authorization which must be verified by a licensed notary public in the state where the authorizing authority resides. A copy of the authorization form can be found on the department’s website. The authorization application is required for all SBF applicants, even if the applicant is the approval authority [3.1][3.4][§700][§900].

Conclusion

Prioritizing privacy compliance can provide a competitive advantage, reduce the possibility of regulatory issues, and help secure valuable partnerships in Louisiana. The LAAC provides regulations for privacy compliance for licensees operating in Louisiana, including requirements for initial and revised privacy notices. Additionally, licensees can enroll in the optional Secure Business Filings (SBF) service designed to discourage fraudulent business filings in Louisiana.

Source(s):
Jurisdiction

Louisiana