§ 500.501 Scope of chapter
§ 500.503 Definitions
§ 500.505 Notice and opt out requirements
§ 500.507 Privacy policies and practices; notice
§ 500.509 Customer relationship; time of establishment; continuing relationship; revised privacy notice for new insurance product or service
§ 500.511 Initial notice; conditions; delivery
§ 500.513 Annual notice required; “annually” defined; exception
§ 500.515 Initial, annual, and revised notices; information required; disclosure of nonpublic personal financial information
§ 500.517 Initial notice requirements for consumer not a customer; short-form initial notice; delivery
§ 500.519 Opt out notice; requirements
§ 500.521 Opt out notice to joint consumers
§ 500.523 Consumer’s opt out direction; compliance requirements
§ 500.525 Disclosure of nonpublic personal financial information to nonaffiliated third party
§ 500.527 Receipt of notice
§ 500.529 Disclosure of nonprofit personal financial information to nonaffiliated third party; reasonable opportunity; opt out notice
§ 500.531 Receipt of nonpublic personal financial information from nonaffiliated financial institution; limitation on disclosure
§ 500.533 Disclosure of policy or account number
§ 500.535 Applicability of opt out requirements in MCL 500.519 and 500.529; “joint agreement” defined
§ 500.537 Applicability of MCL 500.507(1)(c), 500.519, 500.529, and 500.535; “necessary to effect, administer, or enforce a transaction” defined
§ 500.539 Applicability of MCL 500.507(1)(c), 500.519, 500.529, and 500.535
§ 500.540 Use or disclosure of nonpublic personal financial information by certain associations or facilities
§ 500.541 Operation of fair credit reporting act; construction of chapter
§ 500.543 Consumer opting out from disclosure; discrimination prohibited
§ 500.545 Contract of licensee with nonaffiliated third party; effect of agreement entered before or on July 1, 2000
§ 500.547 Protection of customer records and information; adoption of guidelines for administrative, technical, and physical safeguards

Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 5 - Privacy of Financial Information

  • Affiliate: means any company that controls, is controlled by, or is under common control with another company. See Michigan Laws 500.503
  • Annual notice: means the privacy notice required in section 513. See Michigan Laws 500.503
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bequest: Property gifted by will.
  • Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
  • Clear and conspicuous: means that a notice is reasonably understandable and designed to call attention to the nature and significance of the information in the notice. See Michigan Laws 500.503
  • Commissioner: means the director. See Michigan Laws 500.102
  • Company: means any corporation, limited liability company, business trust, general or limited partnership, association, sole proprietorship, or similar organization. See Michigan Laws 500.503
  • Consumer: includes , but is not limited to, all of the following:
  (A) An individual who provides nonpublic personal information to a licensee in connection with obtaining or seeking to obtain financial, investment, or economic advisory services relating to an insurance product or service. See Michigan Laws 500.503
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Customer: means a consumer who has a customer relationship with a licensee. See Michigan Laws 500.503
  • Customer relationship: means a continuing relationship between a consumer and a licensee under which the licensee provides 1 or more insurance products or services to the consumer that are to be used primarily for personal, family, or household purposes. See Michigan Laws 500.503
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Dependent: A person dependent for support upon another.
  • Devise: To gift property by will.
  • Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Fraud: Intentional deception resulting in injury to another.
  • Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • hospitals: as used in this act shall include hospitals, sanatoria and other institutions operated for the purposes mentioned in section 2 of this act. See Michigan Laws 331.201
  • in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
  • inhabitant: means a resident of a city, township, village, district or county. See Michigan Laws 8.3f
  • Initial notice: means the privacy notice required in section 507. See Michigan Laws 500.503
  • Insurance product or service: means any product or service that is offered by a licensee pursuant to the insurance laws of this state or pursuant to a federal insurance program. See Michigan Laws 500.503
  • Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Licensee: means a licensed insurer or producer, and other persons licensed or required to be licensed, authorized or required to be authorized, registered or required to be registered, or holding or required to hold a certificate of authority under this act. See Michigan Laws 500.503
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
  • Nonaffiliated third party: means any person except a licensee's affiliate or a person employed jointly by a licensee and any company that is not the licensee's affiliate. See Michigan Laws 500.503
  • Nonpublic personal financial information: means personally identifiable financial information and any list, description, or other grouping of consumers and publicly available information pertaining to them that is derived using any personally identifiable financial information that is not publicly available. See Michigan Laws 500.503
  • Opt out: means a direction by the consumer that the licensee not disclose nonpublic personal financial information about that consumer to a nonaffiliated third party, other than as permitted by sections 535, 537, and 539. See Michigan Laws 500.503
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Personal property: All property that is not real property.
  • Personally identifiable financial information: means any of the following:
    •   (i) Information a consumer provides to a licensee to obtain an insurance product or service from the licensee. See Michigan Laws 500.503
  • Producer: means a person required to be licensed under this act to sell, solicit, or negotiate insurance. See Michigan Laws 500.503
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Publicly available information: means any information that a licensee has a reasonable basis to believe is lawfully made available to the general public from federal, state, or local government records by wide distribution by the media or by disclosures to the general public that are required to be made by federal, state, or local law. See Michigan Laws 500.503
  • Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Revised notice: means the privacy notice required in section 525. See Michigan Laws 500.503
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Trustee: A person or institution holding and administering property in trust.
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o