How can you configure it?
The configuration is part of Azure AD Conditional Access, to access this you need to be global admin or Conditional Access administrator.
The direct link is https://portal.azure.com/#blade/Microsoft_AAD_IAM/ConditionalAccessBlade/TermsOfUse
Creating a new term is as easy as clicking on add and fill in the fields.
You can also choose to let the end user give consent every 90 days or other time that is suitable for you.
As it is part of Conditional Access the template needs to be associated with a policy. There are 2 policies predefined, for all users and for all guest users.
When you select all users and you have directory synchronization enabled you need to update the policy that is created and exclude the sync account otherwise it will break the synchronization.
The sync account can be found with “sync_”
If you select “Custom policy”, you will be guided to create a new Conditional Access policy.
What license do you need?
To start using it you need a Azure AD premium P1 license or higher, this can be part of Enterprise Mobility Suite.