(a) Except as otherwise authorized under this article, a licensee may not disclose, directly or through any affiliate, any nonpublic personal financial information about a consumer to a nonaffiliated third party unless:
(1) The licensee has provided to the consumer an initial notice as required under section 431:3A-201;
(2) The licensee has provided to the consumer an opt out notice as required under section 431:3A-204;
(3) The licensee has given the consumer a reasonable opportunity, before it discloses the information to the nonaffiliated third party, to opt out of the disclosure; and
(4) The consumer does not opt out.
(b) A licensee shall comply with this section, whether or not the licensee and the consumer have established a customer relationship. If a licensee fails to comply with this section, the licensee may not disclose, directly or through any affiliate, any nonpublic personal financial information about a consumer that the licensee has collected, whether or not the licensee collected it before or after receiving the direction to opt out from the consumer.
(c) A licensee may allow a consumer to select certain nonpublic personal financial information or certain nonaffiliated third parties with respect to which the consumer wishes to opt out.