The Division of Consumer Protection was created within the Department of State to protect the people of New York State from economic harm resulting from unscrupulous and questionable business practices. The Division is authorized to promulgate rules and regulations to achieve this objective, including the authority to establish and administer the Identity Theft Prevention and Mitigation Program.
The Identity Theft Prevention and Mitigation Program is intended to: (1) inform consumers about how to protect their personal identifying information; (2) help consumers prevent identity theft, including taking steps to protect their identities once their personal identifying information has been compromised, and (3) help consumers mitigate issues related to the theft of their identities. The implementing regulations establish requisites and procedures to provide consumers with the means to protect themselves against identity theft and to assure that appropriate assistance and complaint resolution mechanisms are in place for the protection and repair of their financial and credit history in the event their personal identifying information has been compromised.
The regulations have been adopted on an emergency basis and are effective immediately. In addition, there will be an opportunity for the public to comment on the regulations before they are adopted as final on a permanent basis. The regulations require consumer credit reporting agencies to respond within 10 days to requests made by the Department of State's Division of Consumer Protection on behalf of consumers. The new rules also require consumer credit reporting agencies to disclose to the Division the business relationships they have with companies marketing credit monitoring and related products, and to plainly disclose to consumers the full spectrum of fees for products and services that are initially marketed as "free".
To view regulations click here.
To view additional information click here.