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

Prioritizing Privacy Compliance in Michigan

Michigan has established a regulatory environment that is fair, efficient, transparent, innovative, and conducive to business growth and job creation ^[3.1]. While the context does not provide specific requirements for privacy compliance, it is clear that the state of Michigan values efficient and effective regulation. Therefore, prioritizing privacy compliance could help businesses gain a competitive advantage, reduce the possibility of regulatory issues, and secure valuable partnerships in Michigan.

However, it is important to note that Michigan law requires licensees to comply with a consumer’s opt-out direction as soon as reasonably practicable after the licensee receives it [MICL 500.523]. A consumer may exercise the right to opt-out at any time, and a consumer’s direction to opt-out is effective until the consumer revokes it in writing or, if the consumer agrees, revokes it electronically. If a customer relationship terminates, the customer’s opt-out direction shall continue to apply to the nonpublic personal financial information that the licensee collected during or related to that relationship. If the individual subsequently establishes a new customer relationship with the licensee, the opt-out direction that applied to the former relationship does not apply to the new relationship [MICL 500.523].

Therefore, businesses operating in Michigan must comply with the opt-out requirements outlined in MICL 500.523. It is recommended that businesses consult with legal experts to ensure that they are in compliance with all relevant laws and regulations.

Source(s):

• [3.1] Creation of office of performance and transformation within state budget office, department of technology, management, and budget; transfer of powers and duties of office of regulatory reinvention to office of performance and transformation; transfer of powers and duties of director of licensing and regulatory affairs as executive director of office of regulatory reinvention and chief regulatory officer to executive director of office of performance and transformation; transfer of powers and duties of office of good government from administrative unit within department of technology, management, and budget to office of performance and transformation; operation of reinventing performance in Michigan center of excellence; abolishment of office of regulatory reinvention.

Jurisdiction

Michigan

• Privacy