A financial institution may disclose information relative to an electronic fund transfer or account to a third party when:

    a.  The disclosure is necessary for the completion of an electronic fund transfer;

Terms Used In New Jersey Statutes 17:16K-3

  • Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) Source: OCC
  • person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2

    b.  The possessor of the account gives written permission to the financial institution to disclose the information;

    c.  The disclosure is for the purpose of verifying the existence and condition of an account for a third party, including, but not limited to, a credit bureau or a merchant;

    d.  The disclosure is necessary to resolve an error or an inquiry as to an alleged error;

    e.  The disclosure is made to a supervisory agency in the exercise of its supervisory and regulatory examination functions with respect to a financial institution;  or

    f.  The disclosure is made to a government agency in the exercise of its statutory functions with respect to a person applying for or receiving public assistance.

    L.1983, c. 466, s. 3, eff. Jan. 12, 1984.