Privacy & Data Protection Policy

Last Updated:

Jun 8, 2024

1. Privacy and Data Protection Policy

Purpose:

To protect the privacy of users and ensure that data collected by Lenders Hub Marketplace is used responsibly and in compliance with applicable privacy laws.

Policy Overview:

  • Data Collection: Lenders Hub Marketplace  collects personal information (such as names, contact details, and financial data) for user verification, transaction facilitation, and legal compliance. When applicable, biometric data (such as facial recognition data) is collected for verification purposes, with explicit user consent.

  • Legal Compliance: Lenders Hub Marketplace  complies with all relevant data protection laws, including:

    • GDPR (General Data Protection Regulation) for users in the European Union.

    • CCPA (California Consumer Privacy Act) for users in California.

    • BIPA (Biometric Information Privacy Act) for biometric data protection in Illinois, USA.

    • Any other local or regional data protection laws applicable to Lenders Hub’s operations.

  • Data Storage and Security: All user data is stored on secure, encrypted servers. Biometric information, if collected, will be stored in compliance with the highest standards of security and will be deleted when no longer needed or upon user request.

  • User Rights: Users have the right to access, modify, or request deletion of their personal data at any time, subject to legal obligations or ongoing contracts. Requests for data deletion will be honored unless legally required otherwise.

  • Data Breach Procedures: In the event of a data breach, Lenders Hub Marketplace will notify affected users within 48 hours of discovery and take all necessary steps to mitigate the breach and prevent future occurrences.

  • Data Sharing: Personal data will only be shared with third parties (such as identity verification partners, legal advisors, or financial institutions) as necessary for the provision of services, and always in compliance with privacy laws. Third parties must agree to comply with Lenders Hub’s privacy and security standards.

2. Consent Management Policy

Purpose:

To ensure that all users provide informed and explicit consent for data collection and usage, particularly for biometric data, in compliance with legal standards.

Policy Overview:

  • Explicit Consent: Lenders Hub Marketplace  will obtain explicit consent from users before collecting or processing any biometric data, as required under BIPA and similar privacy laws. Consent will be gathered through a clear opt-in process during user registration.

  • Separate Consent for Biometric Data: If biometric data is required (e.g., facial recognition for identity verification), users will be asked to provide a separate, explicit consent for the collection and use of their biometric identifiers. This consent will be independent of other consents (e.g., for personal or financial data).

  • Withdrawal of Consent: Users may withdraw consent at any time for the collection or processing of their biometric data. Upon withdrawal of consent, Lenders Hub Marketplace will cease the processing of biometric data and delete it, unless retention is required by law.

  • Record of Consent: Lenders Hub Marketplace will securely store all records of user consent, including timestamps and IP addresses, to ensure compliance with legal obligations and to provide evidence of consent if needed.

3. Third-Party Data Handling and Vendor Policy

Purpose:

To ensure that third-party service providers comply with Lenders Hub’s privacy, security, and legal standards, particularly concerning sensitive user data like biometric information.

Policy Overview:

  • Vendor Contracting: All third-party vendors (e.g., identity verification providers, payment processors, etc.) must sign a Data Processing Agreement (DPA) with Lenders Hub. This agreement outlines the vendor's obligations to comply with Lenders Hub’s privacy, security, and data protection policies.

  • Vendor Audits: Lenders Hub will conduct periodic audits of third-party vendors to ensure they are in compliance with all legal standards, particularly those concerning data protection and user privacy.

  • Indemnity Clauses: All contracts with third-party vendors must include an indemnity clause. This clause ensures that vendors are liable for any legal claims, damages, or losses incurred due to their non-compliance with privacy laws or data protection regulations.

  • Data Ownership and Control: Lenders Hub Marketplace retains ownership of all user data collected and processed on its platform. Third-party vendors are only authorized to process this data on behalf of Lenders Hub and are prohibited from using it for any other purpose.

  • Notification of Breach: In the event of a data breach by a third-party vendor, the vendor must notify Lenders Hub immediately. Lenders Hub Marketplace will then follow its own breach notification procedures to inform affected users and mitigate the breach.

4. Jurisdiction and Governing Law Policy

Purpose:

To establish the applicable law and jurisdiction for resolving disputes and to ensure that Lenders Hub Marketplace complies with local laws in the regions where it operates.

Policy Overview:

  • Cross-Border Data Transfers: Where user data is transferred across borders, Lenders Hub Marketplace will ensure that adequate safeguards are in place, such as Standard Contractual Clauses (SCCs) or Binding Corporate Rules (BCRs), to ensure the protection of personal data.

5. Arbitration and Dispute Resolution Policy

Purpose:

To minimize the risk of litigation and resolve disputes efficiently through binding arbitration, ensuring that disputes are handled outside of court where possible.

Policy Overview:

  • Mandatory Arbitration Clause: Any disputes or claims arising out of the use of Lenders Hub or these Terms of Service will be resolved by binding arbitration in accordance with the rules of Wyoming  USA or Botswana. Arbitration will take place in Wyoming USA or Botswana

  • Scope of Arbitration: The arbitration clause will apply to all claims, including those against third-party service providers, vendors, and partners who are involved in Lenders Hub’s services.

  • Waiver of Class Action Rights: Users agree to waive any right to bring claims as part of a class or collective action. All disputes must be brought on an individual basis.

  • Exceptions: Arbitration does not apply to claims related to intellectual property rights, data breaches, or any issue where injunctive relief is required by law.

6. Cross-Border Transaction and Fee Policies

Purpose:

To ensure transparency in currency conversions, fees, and tax implications for cross-border transactions on the Lenders Hub platform.

Policy Overview:

  • Currency Conversion: Lenders Hub will use real-time market rates to convert currencies for cross-border transactions. A breakdown of conversion fees will be provided to users before they complete any transaction.

  • Transaction Fees: A clear explanation of platform fees, exchange rate fees, and any additional charges will be provided at the time of each transaction. Users will be made aware of all fees before completing their transactions.

  • Tax Responsibilities: Users may be responsible for any taxes (such as VAT, GST, or other local taxes) arising from cross-border transactions. Lenders Hub advises users to consult with a tax advisor to understand their responsibilities.

7. Platform Liability Limitations

Purpose:

To limit Lenders Hub’s liability for losses or damages resulting from the use of third-party vendors, currency exchange fluctuations, or other factors beyond its control.

Policy Overview:

  • Limit of Liability: Lenders Hub’s total liability to users for any losses or damages arising from the use of the platform is limited to the amount of fees collected for the specific transaction that gave rise to the claim.

  • Exclusions: Lenders Hub is not responsible for losses due to:

    • Fluctuations in currency exchange rates.

    • Actions or failures of third-party vendors (e.g., identity verification or payment processors).

    • Legal disputes between users.

    • Unauthorized access to user accounts caused by the user’s negligence.

  • Force Majeure: Lenders Hub will not be held liable for delays or failures to perform its obligations due to causes beyond its reasonable control, such as natural disasters, war, or acts of government.