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LEE COUNTY <br />Committed Today for a Better Tomorrow <br />LEE COUNTY BOARD OF COMMISSIONERS <br />0117 <br />ITEM ABSTRACT ITEM NO. IV. K. <br />_ Information <br />Meeting Date: July 20, 2009 Action Item <br />XX Consent Agenda <br />SUBJECT: Identity Theft/Red Flag Rules Policy and Procedures <br />Finance <br />CONTACT PERSON: Lisa G. Minter, Finance Director <br />REQUEST: Adopt Identity Theft/Red Flag Rules Policy and Procedures. <br />SUMMARY: In 2003, Congress passed the Fair and Accurate Credit <br />Transactions Act (FACT Act) to address the increasing problems with identity theft and misuse of <br />personal information of consumers. In November 2007, the final rules (known as the Red Flag <br />Rules) and guidelines were issued to implement the FACT Act with an effective date of January <br />1, 2008, and with full compliance required by November 1, 2008. In October 2008, the Federal <br />Trade Commission (FTC) suspended mandatory enforcement of the new "Red Flag Rule" until <br />August 1, 2009, to give financial institutions and creditors additional time to develop and <br />implement written identity theft prevention programs. The regulations, known as the identity <br />theft "red flag" rules, require the entities they cover to develop policies and procedures to <br />recognize and respond to circumstances that may indicate identity theft has occurred for both <br />new and existing accounts. The new set of regulations is intended to help prevent, detect, <br />and respond to possible signals (red flags) to mitigate identity theft. <br />BUDGET IMPACT: N/A <br />ATTACHMENT(S): Identity Theft/Red Flag Rules Policy and Procedures <br />PUBLIC HEARING: No <br />PRIOR BOARD ACTION: N/A <br />RECOMMENDATION: Approve Identity Theft/Red Flag Rules Policy and Procedure as <br />presented. <br />