Title 3 . Commerce, Community, and Economic Development

Chapter 26 . Miscellaneous

Section 670. Other exceptions to notice and opt out requirements for disclosure of nonpublic personal financial information

3 AAC 26.670. Other exceptions to notice and opt out requirements for disclosure of nonpublic personal financial information

A licensee is not subject to the requirements for initial notice in 3 AAC 26.610(a) (2), the opt out requirements in 3 AAC 26.625 and 3 AAC 26.645, or the requirements in 3 AAC 26.660 if the licensee discloses nonpublic personal financial information

(1) with the consent or at the direction of the consumer, unless the consumer has revoked the consent or directive;

(2) to protect the confidentiality or security of the licensee's records pertaining to the consumer, service, product, or transaction;

(3) to protect against or to prevent fraud or unauthorized transactions;

(4) for required institutional risk control;

(5) for resolving

(A) disputes with the consumer who is the subject of the nonpublic personal financial information; or

(B) inquiries to the licensee from the consumer who is the subject of the nonpublic personal financial information;

(6) to a person holding a legal or beneficial interest related to the consumer;

(7) to a person acting in a fiduciary or representative capacity on behalf of the consumer;

(8) to provide information to

(A) a rating or advisory organization regulated under AS 21.39, or to a similar insurance rate advisory organization in another state;

(B) a guaranty association regulated under AS 21.79 or AS 21.80, or to a similar guaranty fund or agency in another state;

(C) an agency that rates the licensee;

(D) a person assessing the licensee's compliance with industry standards; or

(E) the licensee's attorney, accountant, or auditor;

(9) to the extent specifically permitted or required under other provisions of law and in accordance with 12 U.S.C. 3401 - 3422 (Right to Financial Privacy Act of 1978),

(A) to law or regulatory enforcement agencies, including the following:

(i) the Federal Reserve Board;

(ii) the United States Department of the Treasury, Office of the Comptroller of the Currency;

(iii) the Federal Deposit Insurance Corporation;

(iv) the United States Department of the Treasury, Office of Thrift Supervision;

(v) the National Credit Union Administration;

(vi) the United States Securities and Exchange Commission;

(vii) the United States Secretary of the Treasury, with respect to 31 U.S.C. 5311 - 5332 (Records and Reports on Monetary Instruments and Transactions) and 12 U.S.C. 1951 - 1959 (Financial Recordkeeping);

(viii) a state insurance authority;

(ix) the Federal Trade Commission;

(B) to a self-regulatory organization; or

(C) for an investigation of a matter related to public safety;

(10) to a consumer-reporting agency in accordance with 15 U.S.C. 1681 - 1681x (Fair Credit Reporting Act);

(11) from a consumer report reported by a consumer-reporting agency under 15 U.S.C. 1681 - 1681x (Fair Credit Reporting Act) to a nonaffiliated third party;

(12) in connection with a proposed or actual sale, merger, transfer, or exchange of all or a portion of a business or operating unit, if the disclosure of nonpublic personal financial information concerns only consumers of the business or unit;

(13) to comply with federal, state, or local laws or other applicable legal requirements;

(14) to comply with a properly authorized civil, criminal, or regulatory investigation or a subpoena or summons issued by a federal, state, or local authority;

(15) to respond to judicial process or a government regulatory authority that has jurisdiction over a licensee for examination, compliance, investigation, or other purposes authorized by law; or

(16) for a purpose related to the replacement of a group benefit plan, group health plan, group welfare plan, or workers' compensation plan.

History: Eff. 1/1/2005, Register 172

Authority: AS 21.06.090

AS 21.36.162