| (a) The opt out requirements in §22.11 of this title (relating
to Form of Opt Out Notice to Consumers and Opt Out Methods) and §22.14
of this title (relating to Limits on Disclosure of Nonpublic Personal Financial
Information to Nonaffiliated Third Parties) do not apply when a covered entity
provides nonpublic personal financial information to a nonaffiliated third
party to perform services for the covered entity or functions on the covered
entity's behalf, if the covered entity:
(1) provides the initial notice in accordance with §22.8
of this title (relating to Initial Privacy Notice); 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 covered entity disclosed the
information, including use under an exception in §22.18 of this title
(relating to Exceptions to Notice and Opt Out Requirements for Disclosure
of Nonpublic Personal Financial Information for Processing and Servicing Transactions)
and §22.19 of this title (relating to Other Exceptions to Notice and
Opt Out Requirements for Disclosure of Nonpublic Personal Financial Information)
in the ordinary course of business to carry out those purposes.
(b) If a covered entity discloses nonpublic personal financial
information under this section to a financial institution with which the covered
entity performs joint marketing, the covered entity's contractual agreement
with that institution meets the requirements of subsection (a)(2) of this
section if it prohibits the institution from disclosing or using the nonpublic
personal financial information except as necessary to carry out the joint
marketing or under an exception set forth in §22.18 and §22.19 of
this title in the ordinary course of business to carry out that joint marketing.
(c) The services a nonaffiliated third party performs for a
covered entity under subsection (a) of this section may include marketing
of the covered entity's own products or services or marketing of financial
products or services offered pursuant to joint agreements between the covered
entity and one or more financial institutions.
(d) For purposes of this section, "joint agreement" means a
written contract pursuant to which a covered entity and one or more financial
institutions jointly offer, endorse or sponsor a financial product or service.
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