Sec. 535.
(1) The opt out requirements in sections 519 and 529 do not apply when a licensee provides nonpublic personal financial information to a nonaffiliated third party to perform services for the licensee or functions on the licensee's behalf, if the licensee does both of the following:
(a) Provides the initial notice.
(b) Enters into a contractual agreement with the third party that prohibits the third party from disclosing or using the information other than to carry out the purposes for which the licensee disclosed the information, including use under an exception in section 537 or 539 in the ordinary course of business to carry out those purposes.
(2) The services a nonaffiliated third party performs for a licensee under subsection (1) may include marketing of the licensee's own products or services or marketing of insurance products or services offered pursuant to joint agreements between the licensee and 1 or more financial institutions.
(3) As used in this section, "joint agreement" means a written contract pursuant to which a licensee and 1 or more financial institutions jointly offer, endorse, or sponsor a financial product or service.
History: Add. 2001, Act 24, Imd. Eff. June 18, 2001 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.