Section 310.77a - Customer privacy(a) General rule.--No financial institution shall use or share with a third party any insurance coverage information obtained in making a loan to a current customer for the purpose of selling or soliciting the purchase of insurance or annuities unless the requirements of this section are met.(b) Notice.--The following notice to a loan customer shall be set forth in standard or larger type:USE OF INSURANCE INFORMATION RELATING TO YOUR LOAN
AS A CURRENT LOAN CUSTOMER, WE MAY HAVE INSURANCE COVERAGE INFORMATION THAT WAS OBTAINED AS PART OF YOUR LOAN PROCESS. UNDER PENNSYLVANIA LAW, YOU HAVE THE RIGHT TO DIRECT THAT WE NOT USE OR SHARE THIS INFORMATION IN THE MARKETING OF INSURANCE OR ANNUITIES. TO EXERCISE THIS RIGHT, YOU MUST SIGN AND RETURN THIS FORM WITHIN THIRTY (30) DAYS. IF YOU DO NOT SIGN AND RETURN THIS FORM TO US, WE MAY USE OR SHARE THIS INFORMATION IN THE MARKETING OF INSURANCE OR ANNUITIES. __________________________________
(Signature)
(c) Mailing.--The notice prescribed in subsection (b) shall be sent by first class mail and may be included in a solicitation for the purchase of insurance or annuities. This notice shall be addressed to the individual customer and shall include a postage prepaid response mechanism.(d) Consent.--For the purpose of complying with subsection (a), a financial institution may directly obtain written consent for the use of customer information from a current or prospective loan customer. The following notice, set forth in standard or larger type, shall be used for this purpose:USE OF INSURANCE INFORMATION RELATING TO YOUR LOAN
THE BORROWER HEREBY CONSENTS TO THE USE OR SHARING OF ANY INSURANCE COVERAGE INFORMATION OBTAINED AS PART OF THE LOAN PROCESS IN THE MARKETING OF INSURANCE OR ANNUITIES. __________________________________
(Signature)
1921, May 17, P.L. 789, art. VI-A, § 677.1-A, added 2002, Dec. 6, P.L. 1183, No. 147, § 2, imd. effective.