(1) (a) In accordance with this section, a commercial entity shall provide the notice described in this section to a person if: (i) the commercial entity enters into a consumer transaction with that person; (ii) as a result of the consumer transaction described in this Subsection (1)(a), the commercial entity obtains nonpublic personal information concerning that person; and (iii) the commercial entity intends to or wants the ability to disclose the nonpublic personal information: (A) to a third party; and (B) for compensation; and (iv) the compensation described in Subsection (1)(a)(iii)(B): (A) is the primary consideration for the commercial entity disclosing the nonpublic personal information; (B) is directly related to the commercial entity disclosing the nonpublic personal information; and (C) is not compensation received by the commercial entity in consideration of a transaction described in Subsection (5). (b) For purposes of this chapter, a commercial entity is considered to have obtained information as a result of a consumer transaction if: (i) the person provides the information to the commercial entity: (A) at any time during the consumer transaction; and (B) at the request of the commercial entity; or (ii) (A) the commercial entity otherwise obtains the information; and (B) but for the consumer transaction, the commercial entity would not obtain the information. (2) The notice required by Subsection (1) shall be given before the earlier of: (a) the point at which the person is requested to provide the nonpublic personal information; or (b) the commercial entity otherwise obtains the nonpublic personal information as a result of the consumer transaction described in Subsection (1)(a). (3) The notice required by Subsection (1): (a) shall read substantially as follows: "We may choose to disclose nonpublic personal information about you, the consumer, to a third party for compensation."; (b) may be made: (i) orally, if the consumer transaction itself is entirely conducted orally; or (ii) in writing, if the notice is written in dark bold; and (c) shall be sufficiently conspicuous so that a reasonable person would perceive the notice before providing the nonpublic personal information. (4) This chapter does not apply to: (a) a commercial entity that is subject to a federal law or regulation that governs the disclosure of nonpublic information to a third party; or (b) a covered entity as defined in 45 C.F.R. Parts 160 and 164. (5) Notwithstanding the other provisions of this section, a commercial entity is not required to provide notice under this section if: (a) the disclosure of the nonpublic personal information is related to the third party providing to the commercial entity: (i) services, including business outsource services; (ii) personal or real property; or (iii) other thing of value; and (b) compensation received by the commercial entity as part of the transaction is received by the commercial entity for or in consideration of the transaction described in Subsection (5)(a).
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