**Patriot Act and DNC List

What act requires companies to establish an AML program?

Patriot Act

What law requires lenders verify the customers date of birth, SSN and ethnicity of anyone getting a loan in the US?

Patriot Act

How often must a LO or telemarketer search the DNC list and remove the names of people that are on there before the call them?

Every 31 days

What are the two types of DNC lists?

National lists & Internal (company, branch lists)

How often do National and Internal DNC lists need to be updated?

National - every 90 days/3 months

Internal - every 30 days

What is the penalty for violating the DNC list?

$16k per incident - new stuff says as high as $50,120

What is an Established Business Relationship (EBR)?

Someone you have done business with in the past

How long can customers with an EBR on the DNC be contacted after their last transaction?

18 months

How long can customers with an EBR on the DNC list be contacted after they make an inquiry or submit an app to a company?

3 months after they make an inquiry - if they say stop calling you have to stop

Why was the Patriot Act created?

To prevent terrorism

What law required lenders to verify the DOB, SSN, and ethnicity of anyone looking to get a loan in the US?

USA Patriot Act