.11 Limits on Disclosure of Nonpublic Personal Financial Information to Nonaffiliated Third Parties.

A. Except as otherwise authorized in this chapter, a licensee may not, directly or through an affiliate, disclose nonpublic personal financial information about a consumer to a nonaffiliated third party unless:

(1) The licensee has provided to the consumer an initial notice as required under Regulation .05 of this chapter;

(2) The licensee has provided to the consumer an opt out notice as required in Regulation .08 of this chapter;

(3) The licensee has given the consumer a reasonable opportunity, before it discloses the information to the nonaffiliated third party, to opt out of the disclosure; and

(4) The consumer does not opt out.

B. A licensee provides a consumer with a reasonable opportunity to opt out if:

(1) The licensee mails the notices required in Regulations .05 and .08 of this chapter to the consumer and allows the consumer to opt out by:

(a) Mailing a form within 30 days from the date the licensee mailed the notices;

(b) Calling a toll-free telephone number within 30 days from the date the licensee mailed the notices; or

(c) Using any other reasonable means within 30 days from the date the licensee mailed the notices;

(2) The following action is taken:

(a) A customer opens an on-line account with a licensee and agrees to receive the notices required in Regulations .05 and .08 of this chapter electronically; and

(b) The licensee allows the customer to opt out by any reasonable means within 30 days after the date that the customer acknowledges receipt of the notices in conjunction with opening the account; or

(3) For an isolated transaction such as providing the consumer with an insurance quote, the licensee provides the notices required in Regulations .05 and .08 of this chapter at the time of the transaction and requests that the consumer decide, as a necessary part of the transaction, whether to opt out before completing the transaction.

C. A licensee shall comply with this regulation regardless of whether the licensee and the consumer have established a customer relationship. Unless a licensee complies with this regulation, the licensee may not, directly or through an affiliate, disclose nonpublic personal financial information about a consumer that the licensee has collected, regardless of whether the licensee collected it before or after receiving the direction to opt out from the consumer.

D. A licensee may allow a consumer to select certain nonpublic personal financial information or certain nonaffiliated third parties with respect to which the consumer wishes to opt out.