Skip to main content
Updated:
Original:

MRAA informs members on new ID theft rules

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.

Related

Perfect Timing

With all the new boats sold recently, it’s inevitable that a good percentage will wind up on the used market. MRAA has launched a Certified Pre-Owned Boat Program to help dealers strengthen this profit center.

A Boatbuilder in Congress?

Robert Healey Jr., of Viking Yacht Co., is running for a U.S. House of Representatives seat in New Jersey.

Monterey and Blackfin to Expand Operations

The company will add 50,000 square feet of manufacturing space to meet increased demand, creating 150 job opportunities.

Pettit Tuff Coat

NEW PRODUCT: Pettit Tuff Coat is a perfect solution for slippery surfaces on your boat or dock. Pettit Tuff Coat is a water-based, rubberized, non-skid coating that prevents slips and falls while looking great! Durable and resistant to chemicals and impact, Pettit Tuff Coat is long-lasting and gentle on bare feet and bikinis.

Aren’t We Great?

Beware of navel-gazing and taking too much credit for our industry’s recent successes.

MRAA Launches Certified Pre-Owned Boat Program

Working with two industry certification partners, the association created a program to help dealers “find greater confidence and profitability in their preowned business.”