FINANCIAL PRIVACY RULE

• Privacy Notices

Need help crafting or updating your company's Data Privacy notification policies? The Dakota Law Firm can help. We work with both small and large businesses to ensure that the language found in your privacy program notifications is compliant with the law. An effective Data Privacy Notification policy should be written by a licensed attorney, and creates a quasi-contract with the consumer. The penalty for failing to provide a privacy notice can land some companies under the watchful eye of the federal regulators. ​

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Under the Gramm Leach Bliley Act, Consumers must be given a privacy notice before entering into agreement to do business. Notice must be served if the consumers Data Privacy information is to be shared. Users then have the option of doing nothing, acknowledging receipt of such notice, responding via format of GLBA Letter, or responding via letter. Such privacy notice must:

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1) Explain the information collected about a consumer

2) Disclose where such information is shared.

3) How that information is protected.

4) Allow Users to Opt Out

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Any unaffiliated parties that receive nonpublic information are held to the acceptance terms of the consumer under their original relationship agreement. In summary, the financial privacy rule provides for a privacy policy agreement between the company and the consumer pertaining to the protection of the consumer's personal nonpublic information.

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