MI SB0172

Licensees must provide customers with a clear and conspicuous notice of their privacy policies and practices at least once annually during the customer relationship, with the 12-month period defined consistently by the licensee.

Licensees are exempted from providing annual notices if they only disclose nonpublic personal information under specific sections (535, 537, or 539) and their privacy practices have not changed from the previous notice.

Licensees are not required to provide annual privacy notices to former customers.

The act takes effect 90 days after enactment, with immediate effect ordered.

Approved by the Governor on June 16, 2020, with effective date of September 14, 2020.