The National Advertising Initiative will release a Mobile Application Code in the coming weeks.

The group – made up of 90 ad networks and companies like Yahoo! that collect data or serve advertisements – released a draft version of the proposed code last month to members. NAI Executive Director Marc Groman told MediaPost he hopes the final version will be complete by the end of June.

Under the draft terms, users can opt out from receiving behaviorally targeted ads on their mobile devices, although companies may continue to collect “non-personally identifiable” data from users who have chosen to opt out. Such information includes analytics, ad optimization, and frequency capping. In addition, data connected to a specific device (and not an individual) is considered “non-personally identifiable.” However, companies must de-identify or delete the data as soon as it is no longer needed.

Opt-in consent would be required before collecting personally identifiable information (names, addresses, and phone numbers), “sensitive information” (like financial account numbers and medical conditions data), geolocation data, and “personal directory data” specific to a mobile device, like an address book or call log.

Companies must notify users when they conduct cross-app advertising and must provide information about the type of data they collect, how long it will be retained, and how it will be transferred.

Why it matters: Advertisers certainly do not lack guidance on how to deal with mobile privacy. In addition to the NAI, the Digital Advertising Alliance has promised guidance in the coming months and both the Federal Trade Commission and California Attorney General Kamala Harris have recently addressed the issue.