What must be described if a licensee discloses information under Section 450?

The correct answer emphasizes the importance of transparency in the disclosure of information under Section 450. This section requires that a licensee provide a separate description of the categories of information shared as well as the third parties that they have contracted. This level of detail is crucial because it allows clients to understand exactly what information is being shared and with whom, thus fostering trust and ensuring that clients are aware of how their personal data may be utilized.

In contrast, summarizing all transactions does not provide the specific details necessary for compliance with Section 450, nor does it adequately inform clients about data handling practices. Focusing only on customer agreements would overlook the broader context of information sharing. Including the entire privacy policy could overwhelm clients with excessive detail and might not directly address the specific disclosures required under the law. This is why providing clear categories of information and the identity of third-party contractors is the most appropriate approach in this scenario.