PRESS RELEASE
FOR IMMEDIATE RELEASE CONTACT: Amy Greenbaum/JVC 212-997-2002/amy@jvclegal.org
FEDERAL TRADE COMMISSION TO ENFORCE “RED FLAGS RULE” NOVEMBER 1, 2009
BREAKING NEWS – CONGRESS LIKELY TO MODIFY
RED FLAGS RULE TO PROVIDE EXCLUSIONS
FOR SOME JEWELRY COMPANIES
JVC to Monitor Government Changes and Assist Qualifying Companies Prepare Their Applications for Exclusion
Companies that have to Comply can Pre-Order
JVC’S Red Flags Compliance Kit on CD
New York City – October 26, 2009 – Responding to the concerns of the small-business community, on October 22, 2009, the U.S. House of Representatives passed a bill that, among other things, allows some companies to apply for an exclusion from the Red Flags Rule. That Rule, to be enforced as of November 1, 2009, requires that many businesses establish an Identity Theft Prevention Program. The House bill has now been referred to the Senate for consideration. If approved by the Senate, and signed by the President, the exclusions will become official.
According to the pending legislation, and of particular interest to the jewelry industry, a company applying for an exclusion will qualify if it:
- knows all its customers or clients individually, or
- has not experienced incidents of identity theft and identity theft is rare for businesses of that type.
The JVC will monitor the progress of the bill. If it does become law we will be available to assist qualifying companies prepare their applications for the exclusion. For those companies that do not qualify for the exclusion, JVC’s Red Flags Rule Compliance Kit on CD sponsored by GE Money can be pre-ordered on-line at our website, www.jvclegal.org. Visit our website for information about the Red Flags Rule and details about who is covered, as the law currently reads.
JVC members’ price is $55; non-members’ price is $105. Both prices include shipping and handling. JVC members always receive deep discounts on JVC products and services.
Visit JVC’s website – www.jvclegal.org – for important legal compliance information and updates pertaining the jewelry industry.
About Jewelers Vigilance CommitteeJewelers Vigilance Committee, founded in 1917, is a not-for-profit legal trade association fulfilling its mission to maintain the jewelry industry’s highest ethical standards. JVC offers dispute mediation and arbitration services for trade and consumers, compliance monitoring and precious metals testing, among many other services. JVC, long considered the industry’s guardian of ethics and integrity is a resource for the entire jewelry industry and its customers as well as an industry representative before government agencies, media and adjunct fields. For more information visit: www.jvclegal.org.
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