Gramm-Leach-Bliley Act (GLBA)

[Account Closed]

I am closing a deal this Friday and the sellers settlement attorneys have issued me a Gramm-Leach-Bliley Act notice stating the following "In compliance with the GLBA, we are providing you with this document, which notifies you of the privacy policies and practices of Investors Title Insurance Company and (Firms name), Attorneys at Law." Fom what I can get off an internet search either this is seen as a good or bad thing. Additionally, I'm in Virginia and the closing is in Georgia. As I understand it State laws vary and have produced various modifications to "opt-in" of this information sharing.

My questions are as follows:

1. Can I opt-in or opt-out?
2. If I can't opt-out what do I need to be mindful of and is there a way to monitor the use of my information?
3. What state law is followed seeing as I am in VA and closing is in GA?
4. This transaction will be done through an LLC vehicle and not personal so does this have change the application of the GLBA in this scenario?
5. Does the fact that I'm buying cash through an LLC and not using any funding of any kind for personal property effect this law and it's application?

This might be child's play for some of you on BP and that's who I'm hoping responds. Only one search result came back on BP regarding GLBA so, either its not big deal or we all just moved along like sheep during our closings.

My thanks to all who contribute!

[Jim Blatchley]

You might want to read this info, http://en.wikipedia.org/wiki/Gramm–Leach–Bliley_Act and specifically scroll down to the section titled "Consumer vs. customer defined". It gets into whether a business is considered a consumer or a customer. Personally, I wouldn't be too concerned, but if you are, then just opt out. If you do nothing then you are basically opting in. I'm not an attorney, but I would say the state where the financial institution is based would have jurisdiction. However, this being a national law, I don't think it has too much bearing. As always, if you're not sure, cya and speak with an attorney.

I'm certainly no expert, but I hope this helps.