Question

The California Financial Information Privacy Act provides financial protection laws that go beyond the Gramm-Leach-Bliley Act by requiring which the following?

a)Financial institutions wanting to share information with third parties must seek and acquire consent of the consumer prior to sharing the information.
b)Financial institutions must provide a simple opt-out mechanism with a clear notice to consumers.
c)Give consumers control over their nonpublic personal information

Answer 1

The California Financial Information Privacy Act provides financial protection laws that go beyond the Gramm-Leach-Bliley Act by requiring financial institutions to give consumers control over their nonpublic personal information.

Step-by-step explanation:

The California Financial Information Privacy Act provides financial protection laws that go beyond the Gramm-Leach-Bliley Act by requiring financial institutions to give consumers control over their nonpublic personal information. This means that consumers have the right to decide how their personal information is shared and with whom it is shared.

Specifically, the Act requires financial institutions to seek and acquire the consent of the consumer prior to sharing their information with third parties. This ensures that consumers have a say in whether their information is shared or not.

In addition, the Act also requires financial institutions to provide a simple opt-out mechanism with a clear notice to consumers. This gives consumers the option to easily opt out of sharing their information if they choose to do so.