Sec. 513.
(1) Except as otherwise provided in subsection (2), a licensee shall provide a clear and conspicuous notice to customers that accurately reflects its privacy policies and practices not less than annually during the continuation of the customer relationship. As used in this subsection, "annually" means at least once in any period of 12 consecutive months during which that customer relationship exists. A licensee may define the 12-consecutive-month period, but the licensee shall apply it to the customer on a consistent basis.
(2) A licensee is not required to provide an annual notice under subsection (1) if all of the following apply:
(a) The licensee only provides nonpublic personal information to a nonaffiliated third party under section 535, 537, or 539.
(b) The licensee's privacy policies and practices about disclosing nonpublic personal information have not changed from the previous notice the licensee provided to the customer under subsection (1) or section 511.
(3) A licensee is not required to provide an annual notice under subsection (1) to a former customer.
History: Add. 2001, Act 24, Imd. Eff. June 18, 2001 ;-- Am. 2020, Act 90, Eff. Sept. 14, 2020 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547)
Section 500.501 - Scope of Chapter.
Section 500.503 - Definitions.
Section 500.505 - Notice and Opt Out Requirements.
Section 500.507 - Privacy Policies and Practices; Notice.
Section 500.511 - Initial Notice; Conditions; Delivery.
Section 500.513 - Annual Notice Required; “Annually” Defined; Exception.
Section 500.519 - Opt Out Notice; Requirements.
Section 500.521 - Opt Out Notice to Joint Consumers.
Section 500.523 - Consumer's Opt Out Direction; Compliance Requirements.
Section 500.527 - Receipt of Notice.
Section 500.533 - Disclosure of Policy or Account Number.
Section 500.539 - Applicability of MCL 500.507(1)(c), 500.519, 500.529, and 500.535.
Section 500.541 - Operation of Fair Credit Reporting Act; Construction of Chapter.
Section 500.543 - Consumer Opting Out From Disclosure; Discrimination Prohibited.