Gramm-Leach-Bliley Act (GBLA)

Penalty for violating the Do Not Call (DNC)

$42,350 per call

USA Patriot Act

response to 9/11 terrorist attacks -Lenders required to verify date of birth, social security number, and ethnicity

How often must records for the Do Not Call (DNC) list be updated?

31 days

How long must documents for the Do Not Call (DNC) list be maintained for?

24 months

The Bank Secrecy Act (BSA) is also known as

Anti-Money Laundering Act

What is the purpose of Gramm-Leach-Bliley Act?

To protect a persons privacy

If there is an Established Business Relationship (EBR), consumers can be contact for up to ___ months after their last transaction, or ___ months after the consumer makes an inquiry or submits an application to the company.

-18 months -3 months

What does the BSA/AML require?

-Financial Institutions to keep records of cash transactions exceeding $10,000 -MLOs to report suspicious activity exceeding $5,000

What does Mortgage Assistance Relief Services (MARS) deal with?

Addresses loan modification, short sale, and foreclosure scams -Bans collection fees until homeowners have acceptable written offer from lender/servicer -Prohibits advising consumers to discontinue communication with lenders

Gramm-Leach-Bliley Act is also known as

Financial Services Modernization Act

3 Laws of Gramm-Leach-Bliley Act

1) Safeguards Rules (protect consumer data) 2) Pretexting Provisions (mother's maiden name) 3) Financial Privacy Rule (have the right to opt in/out)