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A privacy notice should identify who the data controller is, with contact details for its Data Protection Officer. It should also explain the purposes for which personal data are collected and used, how the data are used and disclosed, how long it is kept, and the controllers legal basis for processing.
There are three types of privacy notices defined in the regulations: an initial notice, an annual notice, and a revised notice. The regulation specifies when and to whom a bank is required to give each type of privacy notification. Lets look at the when and who for each type of privacy notice.
Use of the model privacy form is voluntary. An FTC regulated entity that chooses to use the model privacy form consistent with the instructions to the form will satisfy the disclosure requirements for privacy notices under the GLB Act and the Privacy Rule (i.e., will obtain a safe harbor).
This notice must state that you disclose nonpublic personal information about the consumer to nonaffiliated third parties, state that the consumer has a right to opt out of that disclosure, and provide a reasonable opportunity for the consumer to opt out (such as by requiring the consumer to decide whether to opt out
If you dont share information with nonaffiliated third parties, or if you only share within the exceptions, you do not have to give a privacy notice to your consumers. If you are required to provide a privacy notice to your consumers, you may choose to give them a short-form notice instead of a full privacy notice.
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Financial institutions covered by the Gramm-Leach-Bliley Act must tell their customers about their information-sharing practices and explain to customers their right to opt out if they dont want their information shared with certain third parties.
ing to the CCPAs notice at collection obligation, businesses must inform customers of the types of personal information they are collecting and their business and commercial goals when personal data is collected or before gathering it.
Subsection (d) states that a business that does not collect personal information directly from a consumer does not need to provide a notice at collection to the consumer if the business does not sell the consumers personal information.

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