What is required from licensees under the Consumer Information Privacy Act?

Under the Consumer Information Privacy Act, licensees are required to provide consumers with a clear notice regarding their privacy policies. This requirement ensures that individuals are informed about how their personal information is collected, used, and shared. Transparency in privacy practices is crucial in building trust and protecting consumer rights, particularly in an era where data breaches and privacy concerns are prominent. By requiring a clear notice, the law empowers consumers to make informed decisions about their personal information.

The other options do not align with the objectives of the Consumer Information Privacy Act. For instance, public reporting of all personal information would violate consumer privacy and contradict the very essence of the law, which aims to protect individuals' data. Similarly, mandatory annual audits of financial transactions are not a stipulated requirement of this act, as it focuses on privacy notices rather than financial reporting. Lastly, unlimited sharing of information with third parties would undermine consumer privacy and is not permissible under the act, as it emphasizes the responsible handling of consumer data rather than unrestricted access to it.