At Lotus Income, we're committed to protecting your privacy and any information you entrust to us. Personal information includes your name, address, date of birth and other personally identifiable information. We only ask you for personal information that is needed for the immediate purpose at hand, with your consent. For example we may need to collect information from you to process your application and determine if a product is suitable for you. Lotus Income may be required by law to collect personal information, such as to verify your identity. We do not sell or rent lists of personal information, but we may need to disclose your information to third parties such as a lawyer, an appraiser, our lending partners, or obtain it from third parties such as a credit bureau, with your consent.
The word “information” means personal information about you or your property that you or your representatives provide to us, or that we collect from sources such as your financial institution, property appraisers, insurers or credit reporting agencies.
We abide by the Ten Fair Information Principles as outlined under Canada’s federal privacy legislation, the Personal Information Protection and Electronic Documents Act (PIPEDA), which establishes rules for handling personal information.
Lotus Income’s privacy policies reflect these principles as follows:
1. Accountability: Lotus Income takes full responsibility for information under our control and has designated a Chief Privacy Officer who oversees our privacy program.
2. Identifying Purposes: The purposes for which your information is collected are identified by Lotus Income at or before the time it is collected.
3. Consent: Informed consent is sought by Lotus Income before collecting, using or disclosing information, except when inappropriate or prohibited by law.
4. Limiting Collection: Lotus Income limits the information collected to what we need for the purposes we identify.
5. Limiting Use, Disclosure, and Retention: Your information is never used or disclosed by Lotus Income for purposes other than those for which it was collected, except with your consent or as required by law. We may transfer your Personal Information to third party service providers who assist us in serving you, such as vendors, suppliers and agents; however, we require them to protect your information in a manner consistent with our privacy standards. Our service providers may be located outside of Canada and may be required to disclose personal information under the laws of their jurisdiction.
6. Accuracy: Lotus Income makes every reasonable effort to keep your information as accurate, complete and up-to-date as is necessary for the purposes for which it is to be used.
7. Safeguards: Lotus Income protects your information with safeguards that are appropriate to the sensitivity of the information. This includes physical, organizational and technical security measures.
8. Openness: Lotus Income makes readily available specific information about our policies and practices relating to the management of information.
9. Individual Access: You have the right to access the information that we have about you in our files. If you identify information that is not correct, we will make the necessary changes. To request access to your information held by
Lotus Income, you can contact our Chief Privacy Officer by:
Toll-free Telephone: 1-800-604-1864