When is a licensee required to provide a revised notice to consumers?

A licensee is required to provide a revised notice to consumers when there are changes to the information-sharing practices. This is essential for maintaining transparency and trust between the licensee and the consumers. The revised notice ensures that consumers are kept informed about how their personal information may be collected, used, or shared, reflecting any updates to the licensee's privacy policies or procedures.

Prompting a revised notice when there are changes allows consumers to make informed decisions regarding their consent to share information. This practice is not only a best practice but also aligns with regulatory requirements that emphasize consumer rights and privacy protection.

In contrast, simply requiring a notice at the initial account creation does not account for ongoing changes that might affect consumers later on. An annual requirement without regard to actual changes may overwhelm consumers with unnecessary updates. Lastly, responding to consumer requests for information is important, but it does not substitute for proactive communication about significant changes in information practices that could impact consumers' rights or privacy.