Michigan Laws 500.519 – Opt out notice; requirements
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(1) If a licensee is required to provide an opt out notice under section 529, it shall provide a clear and conspicuous notice to each of its consumers that accurately explains the right to opt out under that section. The notice shall state all of the following:
(a) That the licensee discloses or reserves the right to disclose nonpublic personal financial information about its consumer to a nonaffiliated third party.
Terms Used In Michigan Laws 500.519
- Clear and conspicuous: means that a notice is reasonably understandable and designed to call attention to the nature and significance of the information in the notice. See Michigan Laws 500.503
- Consumer: includes , but is not limited to, all of the following:
(A) An individual who provides nonpublic personal information to a licensee in connection with obtaining or seeking to obtain financial, investment, or economic advisory services relating to an insurance product or service. See Michigan Laws 500.503in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q Initial notice: means the privacy notice required in section 507. See Michigan Laws 500.503 Licensee: means a licensed insurer or producer, and other persons licensed or required to be licensed, authorized or required to be authorized, registered or required to be registered, or holding or required to hold a certificate of authority under this act. See Michigan Laws 500.503 Nonaffiliated third party: means any person except a licensee's affiliate or a person employed jointly by a licensee and any company that is not the licensee's affiliate. See Michigan Laws 500.503 Nonpublic personal financial information: means personally identifiable financial information and any list, description, or other grouping of consumers and publicly available information pertaining to them that is derived using any personally identifiable financial information that is not publicly available. See Michigan Laws 500.503 Opt out: means a direction by the consumer that the licensee not disclose nonpublic personal financial information about that consumer to a nonaffiliated third party, other than as permitted by sections 535, 537, and 539. See Michigan Laws 500.503 state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(b) That the consumer has the right to opt out of that disclosure.
(c) A reasonable means by which the consumer may exercise the opt out right.
(2) A licensee may provide the required opt out notice together with or on the same written or electronic form as the initial notice.
(3) If a licensee provides the opt out notice later than required for the initial notice, the licensee shall also include a copy of the initial notice with the opt out notice in writing or, if the consumer agrees, electronically.