MTADA PARTNERS WITH ComplyAuto FOR GLBA COMPLIANCE The Montana Automobile Dealers Association (MTADA) is continually looking for ways to protect its dealer members, so we are proud to announce a partnership between us and MTADA to help Montana dealerships comply with the Gramm-Leach-Bliley Act (GLBA). We know that Bruce and the rest of the team at MTADA go through a very strict process in onboarding partners, so to secure this relationship is a very validating and humbling achievement. We look forward to helping Montana dealers with this complex set of federal regulations so that dealers can go back to what they do best: selling and servicing vehicles. Dealers need to be compliant with the updated Federal Safeguards Rule as soon as possible, given that the law went into effect on Jan. 10, 2022. Compliance with these federal regulations will not be an overnight solution, and the penalties associated with not complying are extremely expensive (up to $46,517 per violation, to be exact). Dealers are urged to begin immediately if they want to put themselves in a position to succeed in the ever-changing legal landscape. With over 60 years of dealer experience, ComplyAuto’s dealer-focused suite of tools is helping over 1,000 dealerships across the country achieve state and federal compliance in an efficient and cost-effective way. What is the revised Safeguards Rule under the Gramm-Leach-Bliley Act? On Oct. 27, 2021, the Federal Trade Commission (FTC) announced the revision of the GLBA’s Safeguards Rule (“Rule”) for the first time since the Rule was issued in 2002. 16
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