Source: https://www.law.cornell.edu/cfr/text/12/1016.4
Timestamp: 2020-07-12 14:24:54
Document Index: 269224720

Matched Legal Cases: ['§ 1016', 'art 1016', '§ 1016', '§ 1016', '§ 1016', '§ 1016', '§ 1016', '§ 1016', '§ 1016', '§ 1016', '§ 1016', '§ 1016', '§ 1016']

12 CFR § 1016.4 - Initial privacy notice to consumers required. | CFR | US Law | LII / Legal Information Institute
Part 1016. PRIVACY OF CONSUMER FINANCIAL INFORMATION (REGULATION P)
Subpart A. Privacy and Opt Out Notices
Section 1016.4. Initial privacy notice to consumers required.
12 CFR § 1016.4 - Initial privacy notice to consumers required.
(2) Consumer. A consumer, before you disclose any nonpublic personal information about the consumer to any nonaffiliated third party, if you make such a disclosure other than as authorized by §§ 1016.14 and 1016.15 of this part.
(1) You do not disclose any nonpublic personal information about the consumer to any nonaffiliated third party, other than as authorized by §§ 1016.14 and 1016.15; and
(3) Examples -
(i) Examples of establishing customer relationship by financial institutions other than credit unions and covered entities subject to FTC enforcement jurisdiction. For purposes of this paragraph (c)(3)(i), “you” is limited to financial institutions other than credit unions and financial institutions described in § 1016.3(l)(3). You establish a customer relationship when the consumer:
(ii) Examples of establishing customer relationship by covered entities subject to FTC enforcement jurisdiction. For purposes of this paragraph (c)(3)(ii), “you” is limited to financial institutions described in § 1016.3(l)(3) of this part. You establish a customer relationship when the consumer:
(1) You may provide a revised privacy notice, under § 1016.8 of this part, that covers the customer's new financial product or service; or
(2) Examples of exceptions -
(i) Not at customer's election.
(A) In the case of financial institutions other than credit unions and financial institutions described in § 1016.3(l)(3), establishing a customer relationship is not at the customer's election if you acquire a customer's deposit liability or the servicing rights to a customer's loan from another financial institution and the customer does not have a choice about your acquisition.
(B) In the case of financial institutions described in § 1016.3(l)(3), establishing a customer relationship is not at the customer's election if you acquire a customer's loan or the servicing rights from another financial institution and the customer does not have a choice about your acquisition.
(f) Delivery. When you are required to deliver an initial privacy notice by this section, you must deliver it according to § 1016.9 of this part. If you use a short-form initial notice for non-customers according to § 1016.6(d) of this part, you may deliver your privacy notice according to § 1016.6(d)(3).