MRAA informs members on new ID theft rules

Posted on

The Marine Retailers Association of America is alerting its members that the  Bush Administration has finalized new rules creating the Identity Theft Prevention Program, which establishes policies to identify and respond to “red flags” that could signal identity theft.

The program is a result of the Fair and Accurate Credit Transactions Act of 2003. Implementation of the new rule, which was set to go into effect Nov. 1, has been extended to May 1, 2009. It applies to small businesses, such as boat dealers who extend credit to customers.

Dealers must implement appropriate procedures to detect problems, and will have to report any address discrepancy to a consumer reporting agency. Financial institutions are responsible for developing and implementing an appropriate program.

Examiners can schedule visits to boat dealerships and levy fines or sanctions if the dealers have failed to implement a program; but if the dealership has demonstrated a good-faith effort to complete a program, leniency may be given.

MRAA believes most banking organizations have developed appropriate forms and recommends dealers contact their banks.

Welcome to TradeOnlyToday’s premium content! To continue reading, please register now, for access to 10 free stories per month. Or subscribe, for unlimited access to all TradeOnlyToday content!

Click here to Register ... it's free!

Basic subscription: Registered members get free access to 10 premium content stories each month!

Not a member yet? Click here to Register!

Already a member? Click here to Login!

Subscribe ... for unlimited access!

Individual subscription: $29 for unlimited site access for one year.

Small Business subscription: $140 for unlimited site access for up to 10 members of a company for one year.

Corporate subscription: $300 for unlimited site access for all members of a company for one year.

You may close this dialog after seconds.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments Policy.

Vote Today

Did 2014 meet your sales expectations?

View Results

Loading ... Loading ...

Search Boats for Sale

Length
Year
Price

Login to Trade Only Today

Lost Password