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.
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Cam22
4 months ago