Annual privacy notices are not required to be given to former customers, including cases where:
Annual privacy notices are not required to be given to former customers, including cases where:
Annual privacy notices are not required to be given to former customers. This includes cases where a customer pays off a loan in full or the institution charges off the loan, as these events end the customer relationship. Additionally, if the institution no longer provides any open-end statements or notices to the customer, it indicates that the customer is no longer active, further negating the requirement to send annual privacy notices.
The correct answer is B. A customer pays off a loan in full or the institution charges off the loan. Annual privacy notices are not required to be given to former customers, including cases where the customer relationship has ended, such as when a loan is paid off in full or charged off by the institution. Once the customer relationship has been terminated in such a manner, the institution is no longer obligated to send annual privacy notices to that individual.