MI HB5635

Requires licensees to use reasonable care to secure nonpublic personal financial information and obtain prior written informed consent before disclosing such information to any person, except when necessary or required by law.

Mandates licensees establish and publicly disclose privacy policies addressing collection, security, use, release, and access to nonpublic personal financial information, including routine uses and conditions for information release.

Requires licensees provide annual privacy notices to customers in writing or electronically (if agreed), detailing categories of information collected and disclosed, affiliated and nonaffiliated parties receiving disclosures, and confidentiality protections.

Prohibits licensees from unfairly discriminating against consumers who refuse to consent to disclosure of their nonpublic personal financial information.

Repeals 16 prior sections of the Insurance Code relating to privacy notice requirements and replaces them with simplified notice and consent provisions.