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Obama makes doctors' exemption from Red Flags Rule law

from Healthcare IT News

President Barack Obama has signed into law a bill that clarified the term "creditor" in the Red Flags Rule, excluding doctors and other small businesses. Red Flag Program Clarification Act of 2010 (S. 3987) sponsored by Sens. John Thune, R-S.D., and Mark Begich, D-Alaska, was scheduled to go into effect Dec. 31. It was first introduced Nov. 30 in the Senate and unanimously passed the same day. The Senate passed the bill by voice vote Dec. 7. The Red Flags rule was developed under the Fair and Accurate Credit Transactions Act, in which Congress directed the Federal Trade Commission and other agencies to develop regulations requiring "creditors" and "financial institutions" to address the risk of identity theft. more

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