Health Insurance Portability and Accountability Act (HIPAA)

The Administration Simplification provisions also address the security and privacy of health data. The standards are meant to improve the efficiency and effectiveness of the nation’s health care system by encouraging the widespread use of electronic data interchange in the U.S. health care system. For more info – (http://www.hhs.gov/ocr/privacy/index.html)

Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA)

The act allows consumers to request and obtain a free credit report once every twelve months from each of the three nationwide consumer credit reporting companies (Equifax, Experian, and TransUnion). In cooperation with the Federal Trade Commission, the three major credit reporting agencies set up the website, annualcreditreport.com, to provide free access to annual credit reports.

The act also contains provisions to help reduce identity theft, such as the ability for individuals to place alerts on their credit histories if identity theft is suspected, or if deploying overseas in the military, thereby making fraudulent applications for credit more difficult. Further, it requires the secure disposal of consumer information. For more info- (http://en.wikipedia.org/wiki/Fair_and_Accurate_Credit_Transactions_Act)

Sarbanes-Oxley Act of 2002 (SOX)

A United States federal law enacted on July 30, 2002, in response to a number of major corporate and accounting scandals. The legislation establishes new or enhanced standards for all U.S. public company boards, management, and public accounting firms. It does not apply to privately held companies. The act contains 11 titles, or sections, ranging from additional Corporate Board responsibilities to criminal penalties, and requires the Securities and Exchange Commission (SEC) to implement rulings on requirements to comply with the new law. For more info: (http://www.soxlaw.com)

Gramm-Leach-Bliley Financial Services Modernization Act (Gramm-Leach-Bliley Act)

Regulates the sharing of personal information about individuals who obtain financial products or services from financial institutions. It attempts to inform individuals about the privacy policies and practices of financial institutions so that consumers can use that information to make choices about financial institutions with whom they wish to do business. The law gives consumers limited control – via opt-out – over how financial institutions use and share the consumer’s personal information. For more info: (http://www.ftc.gov/privacy/glbact/glbsub1.htm)

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