To Determine if the Red Flags Rule Affects You, Review the Following Questions If you answer "Yes" to any of the questions, you must comply with the Rule.
Do you fit the FTC's definition of a *Creditor, "...any person or business who arranges for the extension, renewal, or continuation of credit?"
Do you allow your customers to pay over time (by payment plan or through financing programs), or to defer payment (for example, balance billing a patient after insurance has been billed and paid)?
Are you a Bank, Mortgage Lender, Credit Union, Utility Company, Car Dealer, Telecommunications Company, Debt Collector, or Healthcare Company?
*The FTC clarified this definition to include as 'creditors,' organizations and businesses that do not regularly demand payment in full at time of service.
Please note that the above information is to be used for demonstrative purposes only and does not represent legal advice. ARTCorp does nor guarantee that we can provide compliance with any state, federal, or local law or regulation for your business or financial institution. The FTC has issued the determination that it is each organization's responsibility to determine if it meets the definition of 'creditor', and whether it must comply with Red Flags Rule regulations.