Lead Buzz 07/05
FACTA explained, pregnancy discrimination and more
By Chris Penttila •
Opinions expressed by Entrepreneur contributors are their own.
As of June 1, the Fair and Accurate Credit Transactions Actrequires companies to destroy employees' personal information.Companies could face federal fines up to $2,500 and state fines upto $1,000 per violation.
The reasoning behind this law: identity theft, which causedheadaches for an estimated 7 million Americans in 2003 alone. Underthe new FACTA provision, employers could also pay an employee up to$1,000 in statutory damages on top of state and federal fines ifhis or her identity is actually stolen.
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