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

Obtaining Consent to Sell Personal Information in Vermont

Based on the Vermont Consumer Protection Rules, financial institutions must generally obtain consent to sell personal information in Vermont. However, there are exceptions to this requirement.

Exceptions to Opt-In Requirements

The Vermont Consumer Protection Rule VTCR 21-010-016 § 16 outlines exceptions to the opt-in requirements for disclosing nonpublic personal financial information. Financial institutions do not need to obtain opt-in consent when disclosing nonpublic personal financial information in the following circumstances:

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

Other Exceptions to Notice and Opt-In Requirements

The Vermont Consumer Protection Rule VTCR 21-030-004 § 16 also outlines other exceptions to the notice and opt-in requirements for disclosing nonpublic personal financial information. Financial institutions do not need to obtain opt-in consent when disclosing nonpublic personal financial information in the following circumstances:

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

Prohibited Acquisition and Use of Brokered Personal Information

It is important to note that Vermont law prohibits the acquisition of brokered personal information through fraudulent means and the acquisition or use of brokered personal information for the purpose of stalking or harassing another person, committing fraud, or engaging in unlawful discrimination ^[3.1].

Therefore, while obtaining consent is generally required to sell personal information in Vermont, there are exceptions to this requirement. It is important to review the specific requirements and exceptions listed in the Vermont Consumer Protection Rules to determine if obtaining consent is necessary for selling personal information in Vermont.

Source(s):

• [3.1] Acquisition of brokered personal information; prohibitions

Jurisdiction

Vermont

• Privacy