Ask Reggi Your Question Now

Reggi is the free generative AI assistance for regulatory compliance
Ask a Question

Can I skip obtaining consent to sell personal information in Rhode Island? What are the requirements?

Based on the documents provided, obtaining consent is generally required to sell personal information in Rhode Island. The Rhode Island regulation 230 RICR 20-60-7.17 states that the requirements for initial notice to consumers, opt-out, and service providers and joint marketing do not apply when a licensee discloses nonpublic personal financial information with the consent or at the direction of the consumer, provided that the consumer has not revoked the consent or direction [1.1]. This means that obtaining consent is required unless the consumer has already given consent or direction.

However, there are exceptions to the opt-out requirements for disclosure of nonpublic personal financial information for service providers and joint marketing [1.2]. A licensee may provide nonpublic personal financial information to a nonaffiliated third party to perform services for the licensee or functions on the licensee’s behalf without obtaining consent if the licensee provides the initial notice in accordance with § 7.5 of this Part and enters into a contractual agreement with the third party that prohibits the third party from disclosing or using the information other than to carry out the purposes for which the licensee disclosed the information [1.2].

Disclosure Requirements for Selling Real Estate in Rhode Island

In addition to the above, the Rhode Island Disclosure requirements under RIGL 5-20.8-2 state that the seller of real estate shall deliver a written disclosure to the buyer and to each agent with whom the seller knows he or she or the buyer has dealt in connection with the real estate. The written disclosure shall state all deficient conditions of which the seller has actual knowledge. The agent shall not communicate the offer of the buyer until the buyer has received a copy of the written disclosure and signed a written receipt of the disclosure. If the buyer refuses to sign a receipt pursuant to this section, the seller or agent shall immediately sign and date a written account of the refusal [2.1]. This means that the seller must provide written disclosure to the buyer and obtain a signed receipt before communicating the offer of the buyer.

Conclusion

In summary, obtaining consent is generally required to sell personal information in Rhode Island, unless the consumer has already given consent or direction. There are exceptions to the opt-out requirements for disclosure of nonpublic personal financial information for service providers and joint marketing. Additionally, the seller of real estate must provide written disclosure to the buyer and obtain a signed receipt before communicating the offer of the buyer.

Source(s):
Jurisdiction

Rhode Island