What are agents required to provide related to the privacy of financial information?

Agents are required to provide disclosures according to both state and federal statutes because these legal requirements are designed to protect consumers' privacy regarding their financial information. The federal Gramm-Leach-Bliley Act, for instance, mandates that financial institutions—including title insurance agents—inform consumers about their policies for collecting, using, and disclosing personal financial information. State laws often accompany these federal requirements and may include additional protections or requirements for transparency.

This emphasis on disclosure ensures that consumers are informed about how their financial data will be handled and that they are aware of their privacy rights. By adhering to these statutory obligations, agents foster trust and transparency in their relationships with clients and help maintain compliance with the law. Other options such as annual financial reports and monthly account statements do not directly pertain to the required privacy disclosures of financial information.