Dental practices are one step closer to an exemption from the Federal Trade Commission's (FTC) Red Flags Rule as a result of legislation passed December 7 with no opposition by the U.S. House of Representatives, according to an article in ADA News.
On November 30, an identical bill was passed in the U.S. Senate; the legislation now only needs President Barack Obama's signature to become law.
Nearly 30 dental, medical, and business groups, including the ADA, had lobbied for the exemption.
The ADA estimated that implementation and compliance training would cost U.S. dental practices a combined total of $72 million.
Published by the FTC in conjunction with the U.S. Department of the Treasury and other federal financial oversight agencies, the Red Flags Rule require businesses that accept deferred payments from clients to develop a written plan to detect identity theft in their businesses. Failure to comply could result in administrative penalties and up to $2,500 in fines per violation.
The Red Flags Rule took effect on January 1, 2008, but enforcement was delayed until December 31, 2010, so that unintended burdens on small businesses could be examined and addressed.
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