Bail Bonds In Santa Clarita: What Is The Gramm-Leach-Bliley Act -- June 18, 2015

Ed. Note: The following content was provided by All American Bail Bonds who is a client of KHTS AM-1220.

Laws not only regulate the general public, but regulate businesses as well.  Santa Clarita bail bonds businesses are regulated by the Gramm-Leach-Bliley Act.

The Gramm-Leach-Bliley Act protects the privacy of consumer information held by “financial institutions,” according to a California bail bonds textbook. The law was enacted in 1999.

The act requires companies to give their clients privacy notices to explain how the business shares information, according to the book.

“Our client’s privacy is of the utmost importance to us,” said Inessa Chavez, vice president of All American Bail Bonds in Santa Clarita. “We want our clients to be able to trust us and count on us to be there for them.”

This act gives customers of a bail bonds agency, such as All American Bail Bonds in Santa Clarita, the ability to limit businesses sharing their information.

This act applies to all businesses that are “financial institutions” which means businesses that offer loans, financial or investment advice, insurance or bail bonds, like All American Bail Bonds in Santa Clarita.

This law requires these businesses to protect the information they collect from people, according to the textbook.

For the privacy notice, it must be clear, concise and accurate, according to the textbook. The notice applies to “nonpublic nonpersonal information.”

“Nonpublic nonpersonal information” means information gathered by a business that could be information a person puts on an application and even the fact that a person is a customer or consumer of the financial institution.

“These laws are here to protect our clients and us as business owners,” Chavez said. “We really do value privacy and want to create an environment of trust and respect.”

There are other more detailed aspects of the Gramm-Leach-Bliley Act, they can be found here.

The Gramm-Leach-Bliley Act is regulated by the Federal Trade Commission,  whose officials regulate banks, thrifts, credit unions, brokerage firms, commodity traders, among others, according to the textbook.