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Published Articles by David Balovich

Title: Year End Musings
Published in: Creditworthy News
Date: 12/10/03

The holidays mark the beginning of the close of another year. 2003 has passed quickly and we suppose that is the problem with growing older, the years pass more quickly and all the things we planned to do tomorrow are still left undone and there seems to be no time to do them. An old woman living in an assisted care home close to our home said it best when we inquired how she was doing during a recent visit. “I’m just glad to be alive,” the old woman said, “every day is better then the last one.” “I’m just glad to be alive,” it made us think that we can’t lose sight of what’s important in our hurried and hectic lives. We should never take time or people for granted.

Fair Credit Reporting Act Renewed

President Bush signed back into law the Fair Credit Reporting Act. Had he not done so the Act would have expired January 1, 2004. Although this is consumer legislation, businesses that allow business customers to purchase using credit cards need to take note of the renewed law as it affords the debtor more protection than before. One of several changes in the new law is that only the last four numbers of the credit card number can appear on any written receipt or charge slip.

Who’s Minding the Store?

We read the retailers are complaining the economy has not sufficiently recovered to meet their holiday sales expectations. We suggest the problem lies more with the retailer than the consumer or the economy. We know an individual who walked out of two stores this week where they were prepared to buy because store personnel were not aware of prices their companies’ were advertising in both print and media advertising. In one store, they presented the printed advertisement; the department manager said the price did not apply to the item they wanted to purchase even though the picture on the advertisement clearly was the same item. They didn’t argue but simply took the ad to a competitor who matched the price and gave them an additional 10% discount. The failure to communicate within the organization and the lack of customer service continues to plague not only the retailer but also all business organizations. Until these critical issues are properly addressed businesses of all types will continue experiencing difficulty regardless of the economy.

Is Attorney-Client Privilege on the Way Out?

The Sarbanes-Oxley Act places more emphasis on the legal community to act as watchdog in corporate operations. The ABA recently adopted a resolution that permits attorneys to disclose information outside attorney-client privilege when the information obtained from the client involves criminal or unethical conduct. The ABA goes on to say that attorneys need to remember that the client is the corporation and not officers and directors. However, our informal surveys of attorneys who represent corporate clients reveal that the attorneys are reluctant to adopt the ABA resolution.  

I wish you well.

This information is provided as information only and not legal advice. Legal advice should be obtained from a competent, licensed attorney, in good standing with the state bar association.

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