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Why Should U.S. Agents and Brokers Care about GDPR?

General Data Protection Regulation, or GDPR, is finally getting the most buzz among U.S. businesses. More so than just about anything that's happened in Europe since the European Union went after Microsoft for antitrust concerns.

GDPR takes effect May 25, 2018 and covers how European residents' information can be collected and stored online, as well as EU residents' ability to access and restrict that data. It covers what is known in the U.S. as Personally Identifiable Information, see here. This new law also requires companies to notify its European users of any data breach swiftly. So why all the U.S. interest?

Here's why: This law applies to every U.S. real estate website, blog or app if at any point it collects personal information from a European resident. The resident only needs to be in Europe when the data is collected. A financial transaction does not have to take place.

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