(a) The opt out requirements in §§ 431:3A-204 and 431:3A-301 shall not apply if a licensee provides nonpublic personal financial information to a nonaffiliated third party to perform services for the licensee or functions on the licensee’s behalf, if the licensee:

Terms Used In Hawaii Revised Statutes 431:3A-401

  • Contract: A legal written agreement that becomes binding when signed.
  • Financial product or service: includes a financial institution's evaluation or brokerage of information that the financial institution collects in connection with a request or an application from a consumer for a financial product or service. See Hawaii Revised Statutes 431:3A-102
  • Nonaffiliated third party: means any person except:

    (1) A licensee's affiliate; or

    (2) A person employed jointly by a licensee and any company that is not the licensee's affiliate; provided that for purposes of this paragraph, a nonaffiliated third party includes the other company that jointly employs the person. See Hawaii Revised Statutes 431:3A-102

(1) Provides the initial notice in accordance with § 431:3A-201; and
(2) Enters into a contractual agreement with the third party that prohibits the third party from disclosing or using the information other than to carry out the purposes for which the licensee disclosed the information, including use under an exception in §§ 431:3A-402 and 431:3A-403 in the ordinary course of business to carry out those purposes.
(b) The services a nonaffiliated third party performs for a licensee under subsection (a) include marketing of the licensee’s own products or services or marketing of financial products or services offered pursuant to joint agreements between the licensee and one or more financial institutions.
(c) For purposes of this section, “joint agreement” means a written contract pursuant to which a licensee and one or more financial institutions jointly offer, endorse, or sponsor a financial product or service.

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