Can I skip obtaining consent to disclose personal information for a business purpose in Vermont? What are the requirements?

Yes, there are exceptions to the opt-in requirements for disclosing nonpublic personal information for a business purpose in Vermont. Financial institutions are required to obtain consumer consent prior to disclosing nonpublic personal information, subject to certain exceptions ^{[1.2][2.1][2.2]}.

According to Section 2.E of the Vermont Consumer Protection Regulation 21-010-016, the disclosure of financial information by a financial institution about any business customer is exempt from the prohibition in the Vermont Financial Privacy Act on the disclosure of financial information relating to a customer. This exception is not intended to limit or supersede the applicability of any other state or federal law or rule that might otherwise apply to the disclosure of information relating to a business customer. For purposes of this regulation, “business customer” means any person, whether an individual or entity, that obtains a financial product or service that is not primarily for personal, family, or household purposes, including a surety or guarantor of a loan that is not made primarily for personal, family, or household purposes ^[1.4].

Therefore, financial institutions may disclose nonpublic personal information about business customers without obtaining consumer consent, subject to the other applicable state and federal laws and rules.

Source(s):

• [1.2] Other Exceptions to Notice and Opt In Requirements for Disclosure of Nonpublic Personal Financial Information
• [1.4] Purpose; Scope; Application; Compliance rules; Exception for Information about Business Customers
• [2.1] Exception to Opt In Requirements for Disclosure of Nonpublic Personal Information for Service Providers and Joint Marketing
• [2.2] Other Exceptions to Notice and Opt in Requirements for Disclosure of Nonpublic Personal Financial Information

Jurisdiction

Vermont

• Privacy