“Borrower” means all borrowers obtaining a loan with Tower Loan. “Lender” means Tower Loan and its affiliated lending companies. “Insurance Companies” means American Federated Insurance Company and American Federated Life Insurance Company, affiliates of Lender that may provide insurance coverage on Lender’s loans. Lender and the Insurance Companies are separate companies that are in the same corporate family and may be jointly referred to herein as “Group.”
Group may collect, retain and use nonpublic personal information?about Borrower from the following sources:
- Information received on Borrower’s applications or other forms, such as Borrower’s name, address, social security number, assets, and income;
- Information about Borrower’s transactions with Lender, the Insurance Companies, their affiliates or others, such as account balances and payment histories; and
- Information from consumer reporting agencies and other creditors during the loan approval process, such as credit histories.
Group may disclose nonpublic personal information about Borrower to the following types of third parties:
- To the affiliates within Group and to Group’s affiliates such as its parent holding company and to its affiliated finance companies. All affiliates are separate companies that adhere to the same strict standards that Lender uses to make sure that customer information is safe and secure;
- The administrative agent to the Insurance Companies who performs account administration, processes insurance claims and premium payments, and performs other functions necessary to effect and administer insurance coverage that the Borrower requested or authorized;
- Nonaffiliated financial service providers such as other creditors who seek information necessary to effect a transaction that Borrower has requested or authorized;
- Nonaffiliated service providers, such as direct marketers, who do not sell this information to third parties and are restricted by contract from doing so; and
- Others, such as attorneys who conduct transactions for Lender and Borrower and maintain confidentiality.
Group also may disclose nonpublic personal information about Borrower to nonaffiliated third parties as permitted or required by law, such as in response to a court summons or subpoena, to protect against fraud, to a consumer reporting agency in accord with the Fair Credit Reporting Act, and in other situations.
Except for information received from consumer reporting agencies and other creditors, Lender may disclose all of the information that it collects about Borrower (as described above) to companies that perform marketing services on Lender’s behalf with whom Lender has contractual agreements. Lender’s contract prohibits these companies from using or disclosing the information that Lender provides to them except as necessary to carry out Lender’s marketing services or to the extent otherwise permitted by law. The Insurance Companies disclose no nonpublic personal information to third party marketing services.
Borrower can exercise the opt out rights described at any time during the course of its customer relationship. Borrower’s decision will last in perpetuity, unless changed in writing by Borrower or Borrower’s legal representative. Even if Borrower opts out, the law permits, and business purposes require, that Group shares certain information about Borrower. If two or more co-borrowers jointly obtain a loan or other product or service from Group, one Borrower may opt out on behalf of all of the co-borrowers, or, if the co-borrowers prefer, each Borrower may opt out separately.
Group’s ability to share information about customers with its affiliates enables Group to offer better products and services that meet customer needs. If Borrower chooses to prohibit the sharing of Borrower information among Group’s affiliates, Borrower may miss out on receiving valuable communications and services. Borrower cannot limit Group’s ability to share among its affiliates information about Group’s experiences or transactions with Borrower or Borrower’s account. Group is permitted by law to share that information, however, by signing and mailing an “Opt Out Notice” to Lender, Borrower can direct Group to share with its affiliates only Borrower’s account information, information needed to process transactions or provide services that the Borrower has requested or initiated and any other information required or permitted by law.