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Section 216.7(e) provides that a financial institution must comply with a consumer's opt out direction as soon as reasonably practicable after the financial institution receives it.
How to Opt Out of Prescreened Offers. If you do not want to receive pre-approved offers from credit card companies or insurance providers, you can opt out for a period of five years or you can opt out of these offers permanently. For either option, visit the website optoutprescreen.com for further instructions.
§ 248.125 Reasonable and simple methods of opting out. (a) In general.(b) Examples - (1) Reasonable and simple opt out methods.(i) Designating a check-off box in a prominent position on the opt out form; (ii) Including a reply form and a self-addressed envelope together with the opt out notice;
You must give consumers and customers a "reasonable opportunity" to exercise their right to opt out, for example, 30 days, after you send the initial notice either on- or off-line, before you can share their information with nonaffiliated third parties outside the exceptions.
The election of a consumer to opt out must be effective for a period of at least five years (the opt out period) beginning when the consumer's opt out election is received and implemented, unless the consumer subsequently revokes the opt out in writing or, if the consumer agrees, electronically.
An opt out right gives a party to an agreement discretion over certain practices that, while legal, require firms to seek permission before acting. When the right exists, parties may give notice that they do not wish to abide by the terms covered by the right, and the counterparty must honor those terms.
Opt-Out Notices An opt-out notice must be delivered with a privacy notice, and it can be part of the privacy notice. The opt-out notice must describe a "reasonable means" for consumers and customers to opt out.
An opt out right gives a party to an agreement discretion over certain practices that, while legal, require firms to seek permission before acting. When the right exists, parties may give notice that they do not wish to abide by the terms covered by the right, and the counterparty must honor those terms.
Complying with a consumer's decision to opt out In general A consumer may opt out at any time. § 216.7(f). If a consumer opts out within a reasonable period after receiving your opt-out notice, you may not disclose the consumer's nonpublic personal information unless the disclosure is permitted by an exception.
§ 1016.14 Exceptions to notice and opt out requirements for processing and servicing transactions. (3) A proposed or actual securitization, secondary market sale (including sales of servicing rights), or similar transaction related to a transaction of the consumer.