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Home Loan Assistance Relief Services (“MARS”) Rule

The Federal Trade Commission Act (the “FTC Act”) prohibits misleading or unjust trade techniques

Federal Trade Commission Act and “Mini-FTC Acts”: Many states have actually enacted “mini-FTC acts” —- customer security statutes which can be enforced by state solicitors basic and that resemble the FTC Act in entire or in component; these guidelines additionally may expressly include the FTC’s regulations by guide.

Gramm-Leach Bliley Act: The Gramm-Leach Bliley Act (“GLBA”) requires that banking institutions protect the privacy of customers’ personal economic information. Generally speaking, finance institutions must develop and present yearly notice of these privacy policies with their clients. Also, finance institutions must offer notice and offer a chance for customers to choose away from any disclosure for the customer’s individual monetary information to an unaffiliated alternative party. The FTC also has issued regulations that require the safeguarding of personal financial information under the GLBA. The GLBA additionally limits the sharing of account number information for advertising purposes.

Internal income Code Section 501(c)(3): Traditionally, numerous credit guidance agencies are nonprofit corporations exempt from federal business tax under Section 501(c)(3) associated with Internal sales Code (“Code”). Observe that “nonprofit” status comes just from integrating being a nonprofit, nonstock firm under state legislation. As well as the fundamental tax-exemption needs under Section 501(c)(3), credit guidance agencies that look for become taxation exempt under Section 501(c)(3) additionally must meet up with the express needs of the latest Code part 501(q) (see below) to be able to qualify.

Internal sales Code Section 501(q): Enacted in 2006, Internal income Code 501(q) provides a quantity of certain needs for would-be 501(c)(3) credit guidance agencies regarding functional tasks, governance, ownership passions, expenses, and profits, among other demands.

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