Title
Joint resolution authorizing adoption of a written Identify Theft Prevention Program establishing rules and procedures to detect, prevent and mitigate identity theft.
Staff Summary
· The Federal Trade Commission (FDC), the federal bank regulatory agencies, and the National Credit Union Administration (NCUA) have issued regulations (the Red Flag Rules) requiring financial institutions and creditors to develop and implement written identity theft prevention programs, as part of the Fair and Accurate Credit Transactions (FACT) Act of 2003.
· The programs must be in place by May 1, 2009 and must provide for the identification, detection, and response to patterns, practices, or specific activities (known as "red flags") that could indicate identity theft.
· Compliance is required from any person or business who arranges for extension, renewal or continuation of credit, with utilities specifically identified.
· Compliance requires development of a written program, identification of relevant red flags, prevention and mitigation of ID theft, and periodic updates to the program.
· This resolution authorizes adoption of a written Identification and Theft Prevention Program that establishes rules and procedures to detect, prevent and mitigate identity theft.
Body
WHEREAS, Lake County desires to adopt a written Identity Theft Prevention Program (“Program”) to establish rules and procedures to detect, prevent and mitigate identity theft; and
WHEREAS, the Program also meets the requirements of, and brings the County into compliance with, certain identity theft prevention laws and regulations, including those promulgated by the Federal Trade Commission;
NOW, THEREFORE, BE IT RESOLVED by the County Board of Lake County, State of Illinois, as follows:
SECTION ONE: Recitals. The foregoing recitals are incorporated herein as if fully set forth.
SECTION TWO: Adoption of Policy. The “Identity Theft Prevention Policy,” attached to this Resolution as Exhibit A, estab...
Click here for full text