When must a licensee provide an annual privacy notice to customers?

A licensee is required to provide an annual privacy notice to customers at least once during the year while the customer relationship is ongoing. This obligation is in place to ensure that customers are consistently informed about how their personal information is collected, used, and shared by the licensee. The annual privacy notice aims to maintain transparency and trust, allowing customers to understand their rights regarding their data.

This notice must be provided annually, regardless of how often the customer interacts with the licensee, emphasizing the importance of keeping the customers informed should any changes occur in the privacy practices. The other frequencies mentioned, such as monthly or quarterly, are not mandated under the regulations, as they could potentially overwhelm customers with information that does not change frequently. Providing the notice annually strikes a balance between keeping customers informed and not inundating them with excessive updates.