Gramm-Leach-Bliley Act ~ Quick explanation ~ For Businesses

This information can help you understand if the Gramm-Leach-Bliley Act applies to you.   GLBA = aka. Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102,113 Stat. 1338 (November 12,1999).

It is important to note that it does NOT apply if you simply take credit cards for payment.  Does your organization provide financial services that place you under the security provisions of GLBA, which includes regulations to protect consumers’ personal financial information?

• Do you provide financial advice for a fee?
• Do you broker investments or mortgages?
• Do you collect personal financial information pursuant to granting loans?
• Have you negotiated a contract with a financial service provider or do you plan to in the future?
• Do you collect personal financial information pursuant to any other “financial product or service”?
• Do you collect payment on which interest is paid? [Deferred payment plans that do not charge interest do not apply.)
• Do you collect personal financial information pursuant to issuing credit, including credit cards? [accepting credit does not apply here]

Terry Kohler
Certified IDentity Theft Risk Management Specialist
Talk Solutions Today

This entry was posted on July 7, 2009 at 8:44 am and is filed under IDT - Legislation. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.

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