What types of loans are HMDA reportable?
HMDA Reporting Requirements: Business Purpose Loans
- A consumer purpose, dwelling secured loan is HMDA reportable regardless of purpose.
- A business purpose, dwelling secured loan is only HMDA reportable if the purpose of the loan is to purchase a dwelling, refinance a dwelling or improve a dwelling or the real property on which the dwelling is located.
What is the HMDA rule?
The Home Mortgage Disclosure Act requires certain financial institutions to collect, report, and disclose information about their mortgage lending activity. HMDA was originally enacted by the Congress in 1975 and is implemented by Regulation C (12 CFR Part 1003).
What is needed in a privacy policy?
Your policy should disclose that your site will collect and maintain personal information provided by its users, including their names, addresses, mobile telephone numbers, email addresses, and so forth.
What are some common elements of privacy policies you have read?
These are the most basic elements that a privacy policy should include:
- Who is the site/app owner?
- What data is being collected?
- What is the Legal basis for the collection? (e.g consent, necessary for your service, legal obligation etc.)
- For which specific purposes are the data collected?
What must a privacy policy include?
The first thing to include in your privacy notice is the name, address, email address and telephone number of your organisation. If you’ve appointed a DPO (data protection officer) or EU representative, you should also include their contact details.
Do I need a privacy policy if I don’t collect data?
Summary. Your business should have a Privacy Policy even if it doesn’t collect any data from users. It just needs to state that your company does not collect any personal data and include a definition of personal data so that users are clear about what you don’t collect.
Do I need a privacy notice on my website?
A GDPR compliant Privacy Notice must be provided before or at the time of collecting personal information. You MUST have one on your website if your website collects any data through which a person can be identified.
Are privacy policies required?
There is no general federal or state law that requires a company to have a privacy policy in all circumstances. But there are several laws that require one in some circumstances. Not having a privacy policy when it is required by law is a potential compliance problem that can lead to liability.