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)