Privacy Legislation UPDATES
New Mexico's Opt-in Provision
Marketers at banks, financial services firms, insurance companies and securities firms doing business in New Mexico: You now must get opt-in permission to market your services to residents of that state.
The new regulation, which went into effect earlier this year, makes New Mexico the first state to adopt an opt-in provision for the release of nonpublic personal financial information among unaffiliated financial services and insurers, according to reports.
The new state law is stricter than Gramm-Leach-Bliley, the federal law that took effect last year. The New Mexico law doesn't restrict the exchange of ordinary financial information, such as claims processing. Rather, it mandates that personal financial information can't be disclosed to third-parties unless consumers grant explicit permission.