Opt-Out Right
Categories: Derivatives, Trading
What do California and Nevada have in common, other than Lake Tahoe and an abundance of Californians? They both have laws on the books requiring consumer opt-out rights.
An "opt-out right" is a right we have to opt out of something, and in this case, consumers have the right to opt out of having their personal information sold to third parties. This rule already applies to all financial institutions nationwide, thanks to the Fair and Accurate Credit Transactions Act of 2003. In fact, not only can they not sell our information, but they can’t even share it with other financial institutions if we don’t want them to (please see fine print for exclusions). All we have to do is say so.
