Md. Code Regs. 31.16.08.06

Current through Register Vol. 51, No. 21, October 18, 2024

Section 31.16.08.06 - Annual Privacy Notice for Financial Information to Customers Required

A. In General.

(1) Except as provided in §B of this regulation, a licensee shall provide a clear and conspicuous notice to customers that accurately reflects its privacy policies and practices for nonpublic financial information at least once in each annual notice period during the continuation of the customer relationship.

(2) A licensee may define the annual notice period as:

(a) A calendar year; or

(b) Any period of 12 consecutive months.

(3) The licensee shall apply the annual notice period as defined under §A(2) of this regulation to a customer on a consistent basis.

B. Exceptions.

(1) Notwithstanding §A of this regulation, a licensee is not required to provide an annual privacy notice to a current customer if the licensee:

(a) Provides nonpublic personal information to nonaffiliated third parties only in accordance with Regulations .14-.16 of this chapter; and

(b) Has not changed its policies and practices with regard to disclosing nonpublic personal information from the policies and practices that were disclosed in the most recent disclosure sent to consumers in accordance with §A of this regulation or COMAR 31.16.08.05.

(2) A licensee is not required to provide an annual notice to a former customer with whom a licensee no longer has a continuing relationship.

C. A licensee required by this regulation to deliver an annual privacy notice shall deliver the privacy notice in accordance with Regulation .10 of this chapter.

Md. Code Regs. 31.16.08.06

Regulation .06 amended effective 44:4 Md. R. 256, eff. 2/27/2017