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Understanding Nonpublic Personal Information: What You Need to Know
Definition & Meaning
Nonpublic personal information refers to any financial data that can identify an individual and is not publicly available. This includes:
Information provided by a consumer to a financial institution, such as account details or personal identification.
Data derived from transactions with the consumer or services performed for them, like purchase history or loan applications.
Any other information obtained by the financial institution that is not accessible to the general public.
Publicly available information, as defined by regulations, does not qualify as nonpublic personal information.
Table of content
Legal Use & context
Nonpublic personal information is primarily relevant in the context of privacy laws and regulations, particularly those governing financial institutions. It is commonly encountered in:
Banking and financial services
Insurance
Investment firms
Users may need to manage forms related to privacy notices or data sharing agreements, which can be facilitated through legal templates available on US Legal Forms.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Here are a couple of examples of nonpublic personal information:
A bank collects a customer's social security number when they open a new account.
A financial advisor gathers details about a client's income and investment history to provide tailored advice.
Relevant laws & statutes
The primary statute governing nonpublic personal information is the Gramm-Leach-Bliley Act (GLBA), which mandates how financial institutions handle consumers' private data. Additionally, the Fair Credit Reporting Act (FCRA) also addresses aspects of personal information use in financial contexts.
State-by-state differences
Examples of state differences (not exhaustive):
State
Key Differences
California
Strict regulations under the California Consumer Privacy Act (CCPA) enhance consumer rights regarding personal information.
New York
New York has specific requirements for data breach notifications that may affect how nonpublic personal information is handled.
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
Common misunderstandings
What to do if this term applies to you
If you believe your nonpublic personal information is being mishandled, consider the following steps:
Review your financial institution's privacy policy to understand how your data is used.
Contact the institution directly to address any concerns.
Explore US Legal Forms for templates related to privacy notices or data sharing agreements.
If issues persist, consider consulting a legal professional for advice.
Find the legal form that fits your case
Browse our library of 85,000+ state-specific legal templates.