Can I skip verifying consumer requests in Colorado? What are the requirements?

In Colorado, there are exceptions to the notice and opt-out requirements for disclosure of nonpublic personal financial information for processing and servicing transactions ^[1.2]. The requirements for initial notice, opt-out, and service providers and joint marketing do not apply if the licensee discloses nonpublic personal financial information as necessary to effect, administer, or enforce a transaction that a consumer requests or authorizes, or in connection with servicing or processing an insurance product or service that a consumer requests or authorizes, maintaining or servicing the consumer’s account with a licensee, or with another entity as part of a private label credit card program or other extension of credit on behalf of such entity, a proposed or actual securitization, secondary market sale (including sales of servicing rights) or similar transaction related to a transaction of the consumer, or reinsurance or stop loss or excess loss insurance ^[1.2].

Therefore, if the disclosure of nonpublic personal financial information is necessary to effect, administer, or enforce a transaction that a consumer requests or authorizes, or in connection with the above-mentioned activities, the licensee may skip verifying consumer requests in Colorado. However, it is important to note that the licensee must comply with a consumer’s opt-out direction as soon as reasonably practicable after the licensee receives it ^[1.5].

Please note that this response is based on the information provided in the context documents and may not be applicable to all situations.

Source(s):

• [1.2] Exceptions to Notice and Opt Out Requirements for Disclosure of Nonpublic Personal Financial Information for Processing and Servicing Transactions
• [1.5] Form of Opt Out Notice to Consumers and Opt Out Methods

Jurisdiction

Colorado

• Privacy