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National Do-Not-Call Rules Apply to Financial Institutions

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  • Baker, John
    As widely reported, the Federal Trade Commission has set up a national do-not-call registry for telemarketers. The original FTC rules did not apply to
    Message 1 of 1 , Aug 5, 2003
      As widely reported, the Federal Trade Commission has set up a national do-not-call registry for telemarketers. The original FTC rules did not apply to broker-dealers, investment companies, investment advisers, banks, insurance companies, or some other entities for which statutory exemptions were available. On June 26, 2003, however, the Federal Communications Commission used its broader authority to adopt national do-not-call rules that do apply to these entities. The FCC order was published in summary form in the Federal Register on July 25, 2003. CG Docket No. 02-278, FCC 03-153, 68 Fed. Reg. 44144. The FCC rules are coordinated with the FTC rules and use the same do-not-call registry. The do-not-call rules will become effective on October 1, 2003; additional telemarketing rule changes will become effective on August 25, 2003. Over 28 million telephone numbers have been added to the do-not-call registry to date.

      The new FCC rules generally apply to any person or entity (other than tax-exempt nonprofit organizations) on whose behalf a telephone call or message is initiated for the purpose of encouraging the purchase or rental of, or investment in, property, goods, or services, which is transmitted to any person. After October 1, no person or entity may initiate any telephone solicitation to a residential telephone subscriber who has registered his or her telephone number on the national do-not-call registry, other than subscribers with whom they have a personal relationship or who have given express written permission. Persons and entities that call other residential telephone subscribers will need to show that they have established and implemented written procedures to comply with the national do-not-call rules, have trained their personnel in the rules, have maintained a list of telephone numbers that may not be contacted, and have purchased and regularly access the national do-not-call database. There is a maximum annual fee of $7,375 to access the national database, with a reduced or no fee for telemarketers that wish to check only certain area codes.

      More information about the FCC rules is available at

      http://www.fcc.gov/cgb/donotcall/

      Information on the related FTC rules is available at

      http://www.ftc.gov/bcp/conline/edcams/donotcall/mediacenter.html


      John M. Baker <JMB@...>
      Stradley, Ronon, Stevens & Young, LLP Http://www.stradley.com
      1220 19th Street, N.W., Suite 600, Washington, DC 20036
      (202) 419-8413 Fax (202) 822-0140
      FundLaw Listowner Http://groups.yahoo.com/group/fundlaw
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