UPDATED APRIL 2014
- Internal Revenue Service Form 8300 – cash transaction reporting by persons engaged in trades or business. Source: United States Code, Title 26.
- Bank Secrecy Act – “suspicious activity reporting” – currently voluntary for the pawn industry. Source: USA Patriot Act.
- “Specially Designated Nationals” List/Office of Foreign Assets Control/Treasury – US persons prohibited from doing business with persons and organizations on the list. Source: Treasury Department, Office of Foreign Assets Control regulations; various statutes and Executive Orders dating back to 1812.
- USA Patriot Act – pawnbrokers included as businesses subject to provisions; pawn industry regulation forthcoming; pawnbrokers also conducting business in precious metals, precious gems or stones, or jewelry containing any or all must comply with Jewelry Industry regulation except in selling property previously held as collateral for pawn loans.
- Truth in Lending Act – disclosure of credit terms in consumer credit transactions.
- Title V of the Gramm-Leach-Bliley Financial Services Modernization Act of 1999 (GLBA) – creates privacy rights and requires privacy notices to consumer customers. Codified at United States Code, Title 15. Implemented the “Safeguards Rule” originally promulgated by the Federal Trade Commission (FTC), with companion regulations promulgated by the Securities & Exchange Commission and federal bank regulatory agencies.
- Privacy Act of 1974 – imposes duties on federal agencies to disclose the nature and fact of personally identifiable information they collect and maintain. Codified at United States Code, Title 5.
- FTC Safeguards Rule – explains and implements provisions of GLBA safeguards for consumers’ nonpublic personal information. Source: GLBA, Title V; codified at Title 16, C.F.R.
- Fair Credit Reporting Act – restricts sharing of nonpublic personal information with unaffiliated third parties; restricts the sharing of certain information to all law enforcement agencies and requires a duly authorized warrant or grand jury subpoena for release of the contents of “consumer reports” maintained by “consumer reporting agencies;” and requires care in the disposal of consumer information.
- FTC Consumer Information Disposal Rule – implements the 2003 Fair and Accurate Credit Transactions Act amendments to the Fair Credit Reporting Act on disposal of consumer information. Source: FCRA; codified at Title 16, C.F.R.
- Equal Credit Opportunity Act – prohibits discrimination in consumer credit transactions on basis of gender, age, marital status, ethnicity, national origin, religious preference, or receipt of public assistance income. Enforced by the Consumer Financial Protection Bureau.
- Service Members Civil Relief Act of 2003 – limits interest rates and charges that creditors may impose on credit extensions to military personnel in certain situations identity theft cases. Codified at United States Code, Title 50. Amended by the National Defense Appropriations Act of 2012 to expand the period of abatement of interest and other credit costs and for other purposes.
- FTC “Red Flags” Rule – requires development of programs and procedures to identify possible identity theft cases. Source: FCRA; codified at Title 16, C.F.R.
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