Important Updates

Believe it or not, we have had several clients who are not familiar with the Gramm-Leach-Bliley Act. There are still concerns of the appraiser/appraisal report disseminating confidential material. We do not have interest in sharing such information nor is it legal. Below is the USPAP definition of confidential information:

CONFIDENTIAL INFORMATION: information that is either:

? identified by the client as confidential when providing it to an appraiser and that is not available from any other source; or

? classified as confidential or private by applicable law or regulation*.

*NOTICE: For example, pursuant to the passage of the Gramm-Leach-Bliley Act in November 1999, some public agencies have adopted privacy regulations that affect appraisers. As a result, the Federal Trade Commission issued a rule focused on the protection of “non-public personal information” provided by consumers to those involved in financial activities “found to be closely related to banking or usual in connection with the transaction of banking.” These activities have been deemed to include “appraising real or personal property.” (Quotations are from the Federal Trade Commission, Privacy of Consumer Financial Information; Final Rule, 16 CFR Part 313.)

We hope this clears up any confidential concerns. Hendricks Appraisal Services is always ready and willing to help in whatever way possible. Please do not hesitate to call us at 210.946.6868.