After several delays, the Red Flags Rule has finally come into effect and dealerships are being held responsible for having the compliance piece in place. January 1, 2011 was the implementation date.

During the delays several groups successfully argued to Congress for exemption from the rule, most notably physicians, CPAs and attorneys. Auto dealerships, however, have not been exempt and can now be held responsible.

A key requirement of the Red Flags Rule is that the compliance program must be tailored to the entity’s size, complexity and nature of its operations. If you have delayed compliance, or feel uncertainty about how complete your compliance approach is, please contact Red Flags Made Easy for information on how we can help.

For more information, send a request for a phone consultation to sales@redflagsmadeeasy.com