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Welcome From Bob Jett, General Counsel for eDocs-Express.
Welcome to the fifth issue of the eDocs-Express Dispatch!
In each issue of the Dispatch, we ask our readers to recommend a lending subject for us to discuss.
One of our readers recently asked us to comment on the various loan agreements found in Laser Pro® Lending, and particularly when and how to choose formats. Most Laser Pro loan agreements come in three flavors: Short, Standard and Extended.
Be sure to read my article below, titled "Understanding Loan Agreements."
We trust you'll find these articles to be informative and valuable in your day-to-day operations.
So enjoy the Dispatch and if there are any subjects you'd like us to cover, simply recommend a subject for a future issue of the Dispatch.
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News and Solutions from eDocs-Express
Understanding Loan Agreements. Do you usually require commercial borrowers to sign a business loan agreement? We think it's usually a good idea.
Learn about how we organized loan Agreements in Laser Pro® Lending. Be sure to read Bob Jett's article on
"Understanding Loan Agreements."
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Web Site of the Month. Each month we suggest you visit a web site that we think may be of real value to you in your business or personal life.
This month's web site is one about which you've undoubtedly heard, or maybe even are using: "Google", the world's best web search engine. Google has an amazing array of services and tools. Simply click on more on the home page and you will see a list of Google Services and Tools.
If you want to see something really cool and are tired of all the garbage that comes along with AOL, Yahoo or Microsoft's Outlook Express, try Gmail, Google's free, search-based webmail service.
When you purchase a computer other than an Apple, it most likely comes loaded with Microsoft software, including Internet Explorer ("IE") as your default web browser. When loading IE, the default web page usually will be "MSN".
If you would rather have Google as your default search engine, it's easy to do. Simply go to "tools" on your Microsoft Internet Explorer Menu Bar and select "Internet Options." An options box will appear. Then enter http://www.google.com in the Home Page Address: field and click OK. The next time you open IE, Google will appear as your Home Page.
Did You Miss the First Four Issues of the Dispatch? If you did, you can visit the eDocs-Express Lending Center on our web site to view past issues.
eDocs-Express Lending Center
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News from the Commercial Lending World
Data Security and Identity Theft.
If you are like most bankers, you're probably still reeling from trying to ensure compliance with the Gramm-Leach-Bliley Act, also known as the The Financial Modernization Act of 1999 or GLB Act.
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As you know, the GLB includes provisions to protect consumers’ personal financial information held by financial institutions. There are three principal parts to the privacy requirements: the Financial Privacy Rule, Safeguards Rule and pretexting provisions.
Although the act purports to focus on consumer information, we all know that its virtually inpossible to look at customer data and say, "Well this sure looks like consumer data."
The fact is that bankers have a lot of information about their customers and sometimes that information is used for "consumer purposes" and sometimes for "commercial purposes." So as a practical matter, we assume that most bankers err on the side of caution and treat most customer data the same and do not try to cut the fine line between consumer data and non-consumer data.
So with that being said, commercial lenders should be keeping an eye on new consumer legislation aimed at data security and identity theft. It will end up affecting your commercial operations.
Senate Judiciary Chairman Arlen Specter, R-Pa., and ranking Member Patrick Leahy, D-Vt., were reportedly preparing to unveil a 97-page bill last week including provisions on identity theft, security standards at data brokerage companies, customer notification and corporate use of Social Security numbers (American Banker, June 23). Keep track on: Senator Specter's web site.
Also the FTC recently told Congress it should consider extending security protections for sensitive consumer data and requiring that companies that possess such data notify consumers when they are victims of security breaches that could result in identity theft. Read the FTC's testimony.
"FTC Testifies on Data Security and Identity Theft"
Consumers Union also testified on behalf of itself and the Privacy Rights Clearinghouse. They believe that the recent security breaches by ChoicePoint, Lexis-Nexis, Bank of America, Citigroup and many others, which have put nearly 10 million Americans at heightened risk of identity theft, underscores the need for Congress and the states to act to protect consumers from identity theft. Read Consumers Union's testimony.
"Identity for Sale? Protecting Identity Theft"
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eDocs-Express LLC
5666 La Ribera Street
Livermore, CA 94550-2501
925-245-4880
www.edocs-express.com ¤ sales@edocs-express.com
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