GRAND RAPIDS, Mich., June 22, 2001 (PRIMEZONE) -- Financial institutions, mortgage brokers, and tax preparers still have time to notify their customers regarding the privacy of nonpublic personal information. Last month, Greatland Corporation announced new products that will provide financial institutions, mortgage brokers, and tax professionals an inexpensive way to notify their customers of provisions of the Gramm-Leach-Bliley Act. For those who do not disclose their customers' nonpublic information, paper products are available with the summary of the nondisclosure information. These notices include the necessary compliance language and can be included in regular mailings to customers.
Products are available in a preprinted, standard format and can be custom-made with your company's name and logo. For institutions that do share their customers' nonpublic personal information, Greatland has several customized options for notifying customers of this practice.
The Gramm-Leach-Bliley Act privacy provisions, which became effective November 13, 2000, establish federal rules governing financial institutions' disclosure of personal financial information about their customers and other consumers. It proclaims a federal privacy policy that each institution "has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality" of customers' non-public personal information. Compliance becomes mandatory on July 1, 2001.
"The Act requires each financial institution to adopt a policy regarding the privacy of consumers" nonpublic personal information," stated Richard B West, an attorney with Bodman, Longley & Dahling, LLP, a Michigan law firm that represents a large number of financial institutions.
Greatland offers several preprinted privacy notices that can be imprinted with the institution's information. Custom notices can also be created if the stock notices do not meet an institution's needs exactly.
"Greatland has become the choice of institutions for providing timely and cost-effective compliance solutions that make it easier for them to comply with new and changing regulations," said Betsy Kolander, Greatland Marketing Manager. "A free interpretation of the Gramm-Leach-Bliley Act is available from the Greatland Website at www.greatland.com/privacy."
Initial notices outlining an institution's privacy policy must be sent no later than July 1, 2001, to consumers who are customers on July 1, 2001, and given to all consumers who become customers after that date. Notices must then be sent annually (i.e., once in any 12-month period), until the relationship ends. Because notices need only be mailed once in a 12-month period to any particular customer, institutions who mail their notices at the beginning of the new year (i.e., January 1, 2001), have until December 31 of the next year (i.e., December 31, 2002) to mail the next notice to that customer.
Pricing and Availability
Products that outline an institution's nondisclosure policy are available immediately and start at only $9 for 100 brochures. Institutions that do disclose personal information can call Greatland at (800) 530-9393 for information on customized products to fit their needs. Rush orders are available today. A free interpretation of the privacy provisions under the Gramm-Leach-Bliley Act, product details and pricing information are available at www.greatland.com/privacy.
About the Gramm-Leach-Bliley Act
The Act requires institutions to give notice to consumers about policies regarding the disclosure of nonpublic personal information to nonaffiliated third parties; otherwise, the institution is prohibited from disclosing this information to such parties. The Act also requires institutions to provide consumers with an opportunity to "opt out" of such a disclosure to nonaffiliated third parties, if they do not want it disclosed. The regulations apply to any person or business entity, including banks, mortgage lending institutions, accountants, accounting firms and other tax return preparers, that provides financial products and services to individual customers. The privacy provisions of the Act are limited to information about "consumers," defined as individuals who obtain financial products or services used primarily for personal, family or household purposes. The provisions do not apply to services provided for business entities, organizations or persons whose financial transactions have a business purpose.
About Greatland
Greatland develops products for the tax, accounting, and financial services industries, including government-approved tax forms in both printed and electronic media, electronic tax return filing software and services, documents for financial institutions, including mortgage origination documents, and laser check-writing software. Since its inception in 1974, Greatland has been committed to providing customers with superior products and services. For more information about Greatland Corporation, call (800) 968-1099, or visit www.Greatland.com.
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CONTACT: Greatland Corporation
Rico L. Cammon, Public Relations Specialist
(800) 968-0678, ext. 4310
Rcammon@greatland.com