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CALIFORNIA FINANCIAL INFORMATION PRIVACY ACT - Form Submission

PRIVACY PROTECTIONS FOR YOUR FINANCIAL INFORMATION UNDER CALIFORNIA LAW

Information for Financial Institutions

HOW TO SUBMIT AN "OPT-OUT"/"IMPORTANT PRIVACY CHOICES" FORM TO THE DEPARTMENT OF CORPORATIONS FOR APPROVAL

Effective July 1, 2004, a financial institution may not share or sell a consumer's "nonpublic personal information" without obtaining a consumer's consent.

If the financial institution seeks to share the information with a non-affiliated third party, the financial institution must first obtain the consumer's written consent.

If the financial institution seeks to share the information with an affiliate, the financial institution must provide the customer with the opportunity to choose not have the information shared.

A financial institution providing a customer with the opportunity to not have the information shared may comply with this requirement by sending the customer the notice set forth in Financial Code Section 4053(d), entitled "Important Privacy Choices for Consumers."

A financial institution that seeks to develop its own form may submit the form to the Department of Corporations for approval. If the form is submitted to the Office of Privacy Protection prior to July 1, 2007, the form constitutes rebuttable presumption that the form complies with the California Financial Information Privacy Act.

The requirements for a form are set forth in Financial Code Section 4053(d).

Forms submitted to the Department of Corporations for approval should be sent to the following:

California Department of Corporations
General Counsel's Office
Attn: Financial Privacy Coordinator
1515 K Street., Suite 200
Sacramento, California 95814

Note: On October 5, 2005, the United States District Court for the Eastern District of California permanently enjoined enforcement of the affiliate sharing provisions of Senate Bill 1 (the California Financial Information Privacy Act), ruling that the provisions are preempted by federal law, the Fair Credit Reporting Act (FCRA).