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

Prioritizing Privacy Compliance in Pennsylvania

Yes, prioritizing privacy compliance can help you gain a competitive advantage, reduce the possibility of regulatory issues, and help secure valuable partnerships in Pennsylvania. To comply with privacy regulations in Pennsylvania, you must provide an initial privacy notice to customers and a clear and conspicuous annual privacy notice that accurately reflects your privacy policies and practices ^[1.3].

Initial Privacy Notice Requirements

Under 31 PACO Section 146a.11, a licensee must provide a clear and conspicuous notice that accurately reflects its privacy policies and practices to customers and consumers before establishing a customer relationship or disclosing nonpublic personal financial information to any nonaffiliated third party ^[1.3].

Annual Privacy Notice Requirements

Under 31 PACO Section 146a.12, a licensee must provide a clear and conspicuous notice to customers that accurately reflects its privacy policies and practices not less than annually during the continuation of the customer relationship. The notice must be provided at least once in any period of 12 consecutive months during which that relationship exists ^[1.3].

Information to be Included in Privacy Notices

Under 31 PACO Section 146a.13, the initial, annual, and revised privacy notices that a licensee provides shall include all of the following items of information, in addition to other information the licensee wishes to provide, that applies to the licensee and to the consumers to whom the licensee sends its privacy notice:

• The categories of nonpublic personal financial information that the licensee collects.
• The categories of nonpublic personal financial information that the licensee discloses.
• The categories of affiliates and nonaffiliated third parties to whom the licensee discloses nonpublic personal financial information, other than those parties to whom the licensee discloses information under § § 146a.32 and 146a.33.
• The categories of nonpublic personal financial information about the licensee’s former customers that the licensee discloses and the categories of affiliates and nonaffiliated third parties to whom the licensee discloses nonpublic personal financial information about the licensee’s former customers, other than those parties to whom the licensee discloses information under § § 146a.32 and 146a.33.
• If a licensee discloses nonpublic personal financial information to a nonaffiliated third party under § 146a.31, a separate description of the categories of information the licensee discloses and the categories of nonaffiliated third parties with whom the licensee has contracted.
• An explanation of the consumer’s right under § 146a.21(a) to opt out of the disclosure of nonpublic personal financial information to any nonaffiliated third parties, including the methods by which the consumer may exercise that right at that time.
• Any disclosures that the licensee makes under section 603(d)(2)(A)(iii) of the Federal Fair Credit Reporting Act.
• The licensee’s policies and practices with respect to protecting the confidentiality and security of nonpublic personal financial information.
• Any disclosure that the licensee makes under subsection (b) ^[1.3].

Conclusion

To prioritize privacy compliance in Pennsylvania, you must provide an initial privacy notice to customers and a clear and conspicuous annual privacy notice that accurately reflects your privacy policies and practices. Additionally, you must include specific information in your privacy notices, such as the categories of nonpublic personal financial information that you collect and disclose, and the categories of affiliates and nonaffiliated third parties to whom you disclose nonpublic personal financial information. By complying with these requirements, you can gain a competitive advantage, reduce the possibility of regulatory issues, and help secure valuable partnerships ^[1.3].

Source(s):

• [1.3] Initial privacy notice to consumers required.

Jurisdiction

Pennsylvania

• Privacy