Gramm-Leach-Bliley Act: This Act comes into play when you’re at the point of success; you’ve closed a sale and are offering financing to your customers! The Act was set up to protect the privacy of consumer information, and sets the standards for privacy notices, opt-out notices, and how nonpublic personal information can be used or disclosed.
The more successful your dealership is, the more you’ll have to know here.
Any financial institution that collects personally identifying information (“PII”) is subject to the Gramm Leach Bliley Act (“GLBA”). Compliance is mandatory and there must be a policy in place to protect the information from foreseeable threats in data security and integrity. All companies significantly engaged in activities that are financial in nature are subject to GLBA as well. Businesses should be concerned with two topics arising from the GLBA. One is “Privacy” or “Information Privacy.” The other is “Information Safeguards” or the “Safeguards Rule”. This program includes policies, references and training to help you understand and put forth good faith compliance against this important regulation.