Source: https://www.law.cornell.edu/cfr/text/17/248.7
Timestamp: 2018-03-25 05:39:02
Document Index: 730336189

Matched Legal Cases: ['art 248', '§ 248', '§ 248', '§ 248', '§ 248', '§ 248', '§ 248', '§ 248', 'art 248']

17 CFR 248.7 - Form of opt out notice to consumers; opt out methods. | US Law | LII / Legal Information Institute
CFR › Title 17 › Chapter II › Part 248 › Subpart A › Section 248.7
§ 248.7 Form of opt out notice to consumers; opt out methods.
(1)Form of opt out notice. If you are required to provide an opt out notice under § 248.10(a), you must provide a clear and conspicuous notice to each of your consumers that accurately explains the right to opt out under that section. The notice must state:
(i)Adequate opt out notice. You provide adequate notice that the consumer can opt out of the disclosure of nonpublic personal information to a nonaffiliated third party if you:
(A) Identify all of the categories of nonpublic personal information that you disclose or reserve the right to disclose, and all of the categories of nonaffiliated third parties to which you disclose the information, as described in § 248.6(a)(2) and (3) and state that the consumer can opt out of the disclosure of that information; and
(ii)Reasonable opt out means. You provide a reasonable means to exercise an opt out right if you:
(iii)Unreasonable opt out means. You do not provide a reasonable means of opting out if:
(iv)Specific opt out means. You may require each consumer to opt out through a specific means, as long as that means is reasonable for that consumer.
(b)Same form as initial notice permitted. You may provide the opt out notice together with or on the same written or electronic form as the initial notice you provide in accordance with § 248.4.
(c)Initial notice required when opt out notice delivered subsequent to initial notice. If you provide the opt out notice after the initial notice in accordance with § 248.4, you must also include a copy of the initial notice with the opt out notice in writing or, if the consumer agrees, electronically.
(d)Joint relationships.
(1) If two or more consumers jointly obtain a financial product or service from you, you may provide a single opt out notice. Your opt out notice must explain how you will treat an opt out direction by a joint consumer.
(5)Example. If John and Mary have a joint brokerage account with you and arrange for you to send statements to John's address, you may do any of the following, but you must explain in your opt out notice which opt out policy you will follow:
(e)Time to comply with opt out. You must comply with a consumer's opt out direction as soon as reasonably practicable after you receive it.
(f)Continuing right to opt out. A consumer may exercise the right to opt out at any time.
(g)Duration of consumer's opt out direction.
(h)Delivery. When you are required to deliver an opt out notice by this section, you must deliver it according to § 248.9.
(i)Model privacy form. Pursuant to § 248.2(a) and appendix A to subpart A of this part, Form S-P meets the notice content requirements of this section.
[ 65 FR 40362, June 29, 2000, as amended at 74 FR 62985, Dec. 1, 2009]
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 17 CFR Part 248 after this date.
78 FR 23638 - Identity Theft Red Flags Rules
FR Doc. 2013-08830
RIN 3038-AD14
File No. S7-02-12
Release Nos. 34-69359, IA-3582, IC-30456
Joint final rules and guidelines.
Effective date: May 20, 2013; Compliance date: November 20, 2013.
The Commodity Futures Trading Commission (“CFTC”) and the Securities and Exchange Commission (“SEC”) (together, the “Commissions”) are jointly issuing final rules and guidelines to require certain regulated entities to establish programs to address risks of identity theft. These rules and guidelines implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which amended the Fair Credit Reporting Act and directed the Commissions to adopt rules requiring entities that are subject to the Commissions&apos; respective enforcement authorities to address identity theft. First, the rules require financial institutions and creditors to develop and implement a written identity theft prevention program designed to detect, prevent, and mitigate identity theft in connection with certain existing accounts or the opening of new accounts. The rules include guidelines to assist entities in the formulation and maintenance of programs that would satisfy the requirements of the rules. Second, the rules establish special requirements for any credit and debit card issuers that are subject to the Commissions&apos; respective enforcement authorities, to assess the validity of notifications of changes of address under certain circumstances.
77 FR 13450 - Identity Theft Red Flags Rules
FR Doc. 2012-5157
Release No. IC-29969
Joint proposed rules and guidelines.
The Commodity Futures Trading Commission (“CFTC”) and the Securities and Exchange Commission (“SEC,” together with the CFTC, the “Commissions”) are jointly issuing proposed rules and guidelines to implement new statutory provisions enacted by Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act. These provisions amend section 615(e) of the Fair Credit Reporting Act and direct the Commissions to prescribe rules requiring entities that are subject to the Commissions&apos; jurisdiction to address identity theft in two ways. First, the proposed rules and guidelines would require financial institutions and creditors to develop and implement a written identity theft prevention program that is designed to detect, prevent, and mitigate identity theft in connection with certain existing accounts or the opening of new accounts. The Commissions also are proposing guidelines to assist entities in the formulation and maintenance of a program that would satisfy the requirements of the proposed rules. Second, the proposed rules would establish special requirements for any credit and debit card issuers that are subject to the Commissions&apos; jurisdiction, to assess the validity of notifications of changes of address under certain circumstances.
17 CFR 248.2 — Model Privacy Form: Rule of Construction.