RAPAPORT...  Press Release:  The Federal Trade Commission (FTC) has decided to delay enforcement of the Red Flags Rule until June 1, 2010. As a result, jewelers covered by the rule now have several additional months to develop an Identity Theft Prevention Program, as mandated by the rule. The Commission had previously delayed enforcement of the Rule until November 1, 2009.

The purpose of a Red Flags Program is to help identify, detect and respond to the “red flags” of identity theft.  Any jeweler that is a “creditor” with “covered accounts,” as those terms are defined by the rule, is required to develop a program by June 1, 2010. For more information about the rule or to order a Red Flags Rule Compliance Kit, sponsored by GE Money, please see the JVC website at www.jvclegal.org. Materials concerning the rule are also posted on the FTC site, ftc.gov/redflagsrule. 

Visit JVC’s website — www.jvclegal.org — for more information about Red Flags requirements and other important legal compliance information and updates pertaining to your jewelry business.

About Jewelers Vigilance Committee (JVC)

Jewelers Vigilance Committee (JVC), founded in 1917, is a non-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 for government agencies, media and adjunct fields. For more information, visit www.jvclegal.org .

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