A federal law mandating certain businesses to have identity-theft- protection plans in place by Saturday has been extended another six months, the Federal Trade Commission announced. The agency offered the extension because many companies hadn’t learned of the requirement until recently.
Businesses that have financial relationships with consumers have until May 1, 2009, to comply with “red flag rules” requiring written prevention programs to spot or block efforts at stealing identities.
The requirement was part of a 2003 law targeting financial institutions and creditors with consumer accounts. The plans require the businesses to identify, detect and respond to patterns and practices that could indicate identity theft.
Companies regulated by other federal agencies, such as banks and credit unions, are still required to meet Saturday’s deadline.
Organizations affected by the delay include health-care companies, vehicle dealers, utility companies and debt collectors. David Migoya, The Denver Post; Post file photo
