On Realtor Liability

By
Real Estate Agent with Keller Williams Real Estate

I just "attended" the NAR webinar on safety--guarding your identity and that of your clients.  The presenter, Andrew Wooten reminded us of something I had frankly forgotten about.

In 1999 Congress passed the Gramm-Leach-Bliley Act.  This legislation defines "financial institution" in a way that makes us all financial institutions, and liable to our clients for protecting the safety of their personal and financial information.  If we collect or possess the personal or financial information of others, to include name, address, phone, date of birth, and social security number we qualify as a financial institution. 

Have you ever written down someone's name and phone number?  Do you have their address?  Does your data base contain dates of birth?  Have you ever written a client's social security number on a form? If you control any of these bits of information and they are lost or stolen, then YOU are liable to the client for damages suffered.  

So, this comes as a reminder that your smart phone, your laptop, your purse, your briefcase, your desk, your home office, your workplace and your car are all targets for identity theft and must be protected at all times.  Think about the amount of information you control and how best to protect it.  Your financial future may depend on it!

For more information on Realtor safety, Andrew Wooten can be contacted through www.JustBeSafe.com.

 

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Rainer
47,554
Bristol Restoration
Bristol Restoration, Inc 661-294-1812 - Santa Clarita, CA
When you need it done right and done right now!

Good reminder on protecting our clients privacy and confidential information... and ultimately ourselves. Thanks Steve.

Dec 03, 2009 03:21 AM #1
Rainer
352,960
Jim Cheney
Saint Francis Property Santa Rosa, CA - Santa Rosa, CA
Rincon Valley Realtor 707.494.1055

Great post Steve.  This is what I love about Social Media.  No long have to wait for out weekly meeting to discuss these topis, if they are ever discussed at all.  I keep birth dates in my data basem, but I leave the year off.  I just want to remember to send a B-day card.  Good to remember that we need to safe guard that information.  I never ask a client for their SS number.  I treat that stuff like poison oak.

Dec 03, 2009 03:28 AM #2
Rainer
61,992
Delete Acct Desert Communities
Palm Desert, CA

Great reminder that often times we receive this information and should protect it as if it were our own.  Thanks!

Dec 03, 2009 03:36 AM #3
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Rainer
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Steve Jameson

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