Here's what you need to know about the financial privacy laws.
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Federal financial privacy law affects a broad array of industries, from auto dealers and accountants, to payday and title lenders and tax preparers.
At the same time, privacy is one of the more complicated areas of the law because it spans multiple statutes and regulations. And that's just Federal privacy requirements. Many states have requirements in addition. And it's evolving rapidly. It is extraordinarily challenging to master, even for lawyers. As a result, relevant expertise is hard to find.
Absolutely not. There is no suitable "one-size-fits-all" approach to Privacy Law. The requirements vary dramatically depending on what you're using consumer information for, and the reasons you're sharing it with other parties.
It depends in part on which requirements apply to you. But you could be subject to a Federal or State enforcement action, or a consumer class action.
Each time you fail to give a consumer a notice on time, or give an inaccurate or inadequate notice, or don't comply with any of the many other requirements, could result in a $1000 fine ($2500 for really bad cases), in addition to other costs. Simply put, you can't afford not to comply.
Thankfully, now there is. Previously you would have to pay an expert hundreds or even thousands of dollars to investigate your practices and provide you with appropriate, tailored policy manuals, consumer notices, checklists, audits, training materials, etc.
With LexAlign, you can get policies, checklists, guides, and notice instructions, all tailored to your business and at a small fraction of the cost and time an expert would require. And it's easy: it's automated and available online, at any time, and no prior knowledge of the law is required.
Simply sign up for an account and answer a few, simple questions. There's no upfront charge. You get to pick which products you want. The price depends on how complicated your activities are under the law. A simple operation will pay a simple price.
Our tools and products are industry-specific. If you don't see Federal Financial Privacy on your Topics page, simply contact us.
Right now use of our system is by invitation only. If you want an invitation, Contact Us.
With LexAlign, compliance with Federal financial privacy rules is finally within reach.