§ 6809. — Definitions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC6809]
TITLE 15--COMMERCE AND TRADE
CHAPTER 94--PRIVACY
SUBCHAPTER I--DISCLOSURE OF NONPUBLIC PERSONAL INFORMATION
Sec. 6809. Definitions
As used in this subchapter:
(1) Federal banking agency
The term ``Federal banking agency'' has the same meaning as
given in section 1813 of title 12.
(2) Federal functional regulator
The term ``Federal functional regulator'' means--
(A) the Board of Governors of the Federal Reserve System;
(B) the Office of the Comptroller of the Currency;
(C) the Board of Directors of the Federal Deposit Insurance
Corporation;
(D) the Director of the Office of Thrift Supervision;
(E) the National Credit Union Administration Board; and
(F) the Securities and Exchange Commission.
(3) Financial institution
(A) In general
The term ``financial institution'' means any institution the
business of which is engaging in financial activities as
described in section 1843(k) of title 12.
(B) Persons subject to CFTC regulation
Notwithstanding subparagraph (A), the term ``financial
institution'' does not include any person or entity with respect
to any financial activity that is subject to the jurisdiction of
the Commodity Futures Trading Commission under the Commodity
Exchange Act [7 U.S.C. 1 et seq.].
(C) Farm credit institutions
Notwithstanding subparagraph (A), the term ``financial
institution'' does not include the Federal Agricultural Mortgage
Corporation or any entity chartered and operating under the Farm
Credit Act of 1971 [12 U.S.C. 2001 et seq.].
(D) Other secondary market institutions
Notwithstanding subparagraph (A), the term ``financial
institution'' does not include institutions chartered by
Congress specifically to engage in transactions described in
section 6802(e)(1)(C) of this title, as long as such
institutions do not sell or transfer nonpublic personal
information to a nonaffiliated third party.
(4) Nonpublic personal information
(A) The term ``nonpublic personal information'' means personally
identifiable financial information--
(i) provided by a consumer to a financial institution;
(ii) resulting from any transaction with the consumer or any
service performed for the consumer; or
(iii) otherwise obtained by the financial institution.
(B) Such term does not include publicly available information,
as such term is defined by the regulations prescribed under section
6804 of this title.
(C) Notwithstanding subparagraph (B), such term--
(i) shall include any list, description, or other grouping
of consumers (and publicly available information pertaining to
them) that is derived using any nonpublic personal information
other than publicly available information; but
(ii) shall not include any list, description, or other
grouping of consumers (and publicly available information
pertaining to them) that is derived without using any nonpublic
personal information.
(5) Nonaffiliated third party
The term ``nonaffiliated third party'' means any entity that is
not an affiliate of, or related by common ownership or affiliated by
corporate control with, the financial institution, but does not
include a joint employee of such institution.
(6) Affiliate
The term ``affiliate'' means any company that controls, is
controlled by, or is under common control with another company.
(7) Necessary to effect, administer, or enforce
The term ``as necessary to effect, administer, or enforce the
transaction'' means--
(A) the disclosure is required, or is a usual, appropriate,
or acceptable method, to carry out the transaction or the
product or service business of which the transaction is a part,
and record or service or maintain the consumer's account in the
ordinary course of providing the financial service or financial
product, or to administer or service benefits or claims relating
to the transaction or the product or service business of which
it is a part, and includes--
(i) providing the consumer or the consumer's agent or
broker with a confirmation, statement, or other record of
the transaction, or information on the status or value of
the financial service or financial product; and
(ii) the accrual or recognition of incentives or bonuses
associated with the transaction that are provided by the
financial institution or any other party;
(B) the disclosure is required, or is one of the lawful or
appropriate methods, to enforce the rights of the financial
institution or of other persons engaged in carrying out the
financial transaction, or providing the product or service;
(C) the disclosure is required, or is a usual, appropriate,
or acceptable method, for insurance underwriting at the
consumer's request or for reinsurance purposes, or for any of
the following purposes as they relate to a consumer's insurance:
Account administration, reporting, investigating, or preventing
fraud or material misrepresentation, processing premium
payments, processing insurance claims, administering insurance
benefits (including utilization review activities),
participating in research projects, or as otherwise required or
specifically permitted by Federal or State law; or
(D) the disclosure is required, or is a usual, appropriate
or acceptable method, in connection with--
(i) the authorization, settlement, billing, processing,
clearing, transferring, reconciling, or collection of
amounts charged, debited, or otherwise paid using a debit,
credit or other payment card, check, or account number, or
by other payment means;
(ii) the transfer of receivables, accounts or interests
therein; or
(iii) the audit of debit, credit or other payment
information.
(8) State insurance authority
The term ``State insurance authority'' means, in the case of any
person engaged in providing insurance, the State insurance authority
of the State in which the person is domiciled.
(9) Consumer
The term ``consumer'' means an individual who obtains, from a
financial institution, financial products or services which are to
be used primarily for personal, family, or household purposes, and
also means the legal representative of such an individual.
(10) Joint agreement
The term ``joint agreement'' means a formal written contract
pursuant to which two or more financial institutions jointly offer,
endorse, or sponsor a financial product or service, and as may be
further defined in the regulations prescribed under section 6804 of
this title.
(11) Customer relationship
The term ``time of establishing a customer relationship'' shall
be defined by the regulations prescribed under section 6804 of this
title, and shall, in the case of a financial institution engaged in
extending credit directly to consumers to finance purchases of goods
or services, mean the time of establishing the credit relationship
with the consumer.
(Pub. L. 106-102, title V, Sec. 509, Nov. 12, 1999, 113 Stat. 1443.)
References in Text
The Commodity Exchange Act, referred to in par. (3)(B), is act Sept.
21, 1922, ch. 369, 42 Stat. 998, as amended, which is classified
generally to chapter 1 (Sec. 1 et seq.) of Title 7, Agriculture. For
complete classification of this Act to the Code, see section 1 of Title
7 and Tables.
The Farm Credit Act of 1971, referred to in par. (3)(C), is Pub. L.
92-181, Dec. 10, 1971, 85 Stat. 583, as amended, which is classified
generally to chapter 23 (Sec. 2001 et seq.) of Title 12, Banks and
Banking. For complete classification of this Act to the Code, see Short
Title note set out under section 2001 of Title 12 and Tables.
Section Referred to in Other Sections
This section is referred to in section 7215 of this title; title 7
section 7b-2; title 31 sections 5318, 5318A.
