Posted by Charles_Ca on 9/28/06 3:56pm
Msg #149116

NNA background check and California Notaries.

I have just finished reading the Califofnia Financial Code section 4050 which is called the California Financial Privacy Act ( see

http://www.leginfo.ca.gov/cgi-bin/displaycode?section=fin&group=04001-05000&file=4050-4060

and as far as I can see the the section exceeds the requirements of the the Gramm-Leach-Bliley Act. I am not an attorney and I strongly recommend reading it for yourselves but it appears to me that the NNA has created the requirements they state out of smoke and mirrors. I would like to see the NNA quote the specific requirments of GLB that supports their contention. Additionally if anyone is failing to meet ther requirements of GLB or the California Financila Privacy Act it is the Signing Services.

I think that a more cogent argument can be made in view of the following section that the Signing Services in California need to be licensed with the State of Ca as title producers or be controlled by the NASD as securities dealers to fully comply, much more so than the argument can be made for Notaries who are already licensed.

when nonpublic personal information is being or will
be shared by a person or entity meeting the requirements of
paragraph (1) or (2) with an affiliate or nonaffiliated third party,
this division shall apply.
(1) The person or entity is licensed in one or both of the
following categories and is acting within the scope of the respective
license or certificate:
(A) As an insurance producer, licensed pursuant to Chapter 5
(commencing with Section 1621), Chapter 6 (commencing with Section
1760), or Chapter 8 (commencing with Section 1831) of Division 1 of
the Insurance Code, as a registered investment adviser pursuant to
Chapter 3 (commencing with Section 25230) of Part 3 of Division 1 of
Title 4 of the Corporations Code, or as an investment adviser
pursuant to Section 202(a)(11) of the federal Investment Advisers Act
of 1940.
(B) Is licensed to sell securities by the National Association of
Securities Dealers (NASD).
(2) The person or entity meets the requirements in paragraph (1)
and has a written contractual agreement with another person or entity
described in paragraph (1) and the contract clearly and explicitly
includes the following:


The whole Act is an intersting read, and it appears that the main thrust is notification of the public that their information is being given out.

I am not an attorney and my opinions are worth exactly what you have paid for them, nothing!

Reply by Glenn Strickler on 9/28/06 6:59pm
Msg #149144

Thanks, Charles, for doing the research. Even though I don't pay for them, I do value your opinions as I have found them to be on target.

I read it the same way you do. I have a feeling that a lot of notaries are going to get ripped off by buying something they don't need ..... The NNA is looking at this as another cash cow ...

Reply by Charles_Ca on 9/28/06 8:22pm
Msg #149151

Thanks Glenn!

We are very fortunate to be able to share this information among ourselves. There are many notaries who will not have the insight of this group and will shell out the money because they think that the NNA is looking out for them instead of only the NNA.

Reply by BarbaraL_CA on 9/28/06 8:35pm
Msg #149156

Re: charles

Once again, you're right Charles - thank you for your wisdom and input on all this %^& .
I find it all very interesting and educational - feel like I'm back in college again

Reply by Raimond on 9/28/06 8:30pm
Msg #149154

Thanks for the good info Charles.

I am renewing my Subscription....

Attached below is my check.

Reply by Poppy on 9/28/06 8:47pm
Msg #149157

Very informative... Thanks Charles! n/m

Reply by Charles_Ca on 9/28/06 9:02pm
Msg #149160

A pleasure Poppy! n/m

Reply by Charles_Ca on 9/28/06 9:01pm
Msg #149159

Thank you sir, every bit helps keep the doors open! n/m