I thought I read somewhere that some provisions of the FACT ACT were effective 3/31/04. Does anyone know what those provisions are or am I wrong?

Some are effective in March, others in December.
Here's a link that may help you.

FACT Act

A few provisions are effective then, but the ones that will have the most impact are effective in December. See http://www.bankersonline.com/topstory/fedreg/68FR6526.pdf

Do you think the opt-out mentioned in Section 213 and 214 is different than the opt-out we already do for affiliate sharing (we don't share with any third party).?

The opt-out for section 213 (to opt-out of credit solicitations based upon prescreened lists) will be the same as far as content, but will have new format and presentation requirements. The 214 affiliate sharing opt-out will apply IF information is used for marketing solicitations, even if it is transaction and experience information that not subject to opt-out today.

So, if I send out my annual privacy disclosures in May and I give them the right to opt out of sharing transaction and experience information as well as nonpublic personal information with our affiliates..........will I be in compliance with this new requirement? Otherwise, looks like a seperate mass mailing would have to be done.

We'll just have to see how they deal with this issue when the regulations come out.

We wanted to enter into a credit card arrangement with another company, where on our behalf, they send infomation (not prescreened) to our customer base. Will we still be allowed to do this under the FACT Act?

We are in the same boat. I believe as long as the bank markets to the bank's customers solicitations about the sub's products, the customer cannot opt out. 624(a)(4)(A) Scope "the infomation is being used to make a solicitation to a consumer with whom the person has a pre-existing business relationship". And, as long as the sub solicits it's customers about the bank's products, we're good.

The ACB came out with a bulletin that says that the opt out notice can be sent together with other disclosures required by GLB and that the effective date shall be set in the regulation, will allow the opt out to be sent with the financial institutions next GLB notice. If you send your GLB privacy notice this May, then hopefully the regulation will allow for you to provide the opt out in the next year's mailing.