Red Flags Rule: Are we there yet? Auto Dealerships need to comply...

June 1, 2010, is just the latest in a series of enforcement deadlines for the Federal Trade Commission's Red Flags Rule.

The rule, which actually took effect Nov. 1, 2008, requires businesses handling credit, like dealerships, to adopt written plans to identify, detect, monitor and respond to potential instances of identity theft.

But the FTC has delayed enforcing the rule four times -- first to May 1, 2009; then to Aug. 1, 2009; then to Nov. 1, 2009; and finally, to June 1, 2010.

I've talked to dealers, vendors, trade association executives and lawyers who aren't really sure the latest enforcement deadline will stick.

But one thing is certain: Dealers better comply with the law.  autonews