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Can I skip obtaining consent to sell personal information in South Dakota? What are the requirements?

Based on the documents provided, obtaining consent is generally required to sell personal information in South Dakota. However, there are certain exceptions to the notice and opt-out requirements for disclosure of nonpublic personal financial information [1.2][1.3][1.5].

Exceptions to Notice and Opt-Out Requirements:

  • With the consent or at the direction of the consumer, provided that the consumer has not revoked the consent or direction;
  • To protect the confidentiality or security of a licensee’s records pertaining to the consumer, service, product, or transaction;
  • To protect against or prevent actual or potential fraud or unauthorized transactions;
  • For required institutional risk control or for resolving consumer disputes or inquiries;
  • To persons holding a legal or beneficial interest relating to the consumer; or
  • To persons acting in a fiduciary or representative capacity on behalf of the consumer.

Requirements for Privacy Notices: SDAR 20:06:45:06 outlines the information that must be included in privacy notices provided by a licensee. This includes:

  • The categories of nonpublic personal financial information that the licensee collects and 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 §§ 20:06:45:14 and 20:06:45:15;
  • An explanation of the consumer’s right to opt out of the disclosure of nonpublic personal financial information to nonaffiliated third parties;
  • The licensee’s policies and practices with respect to protecting the confidentiality and security of nonpublic personal information.

Therefore, it is important to review the specific circumstances and requirements outlined in the relevant regulations to determine if an exception applies.

Source(s):
Jurisdiction

South Dakota