(August 13, 2010) A California Chamber of Commerce-supported bill that reinforces the importance of punishing identity thieves and the seriousness of this crime was signed by Governor Arnold Schwarzenegger late last month.

The bill, SB 1087 (Alquist; D-Santa Clara), requires persons convicted of identity theft to pay restitution to victims for cost of credit monitoring for a reasonable time and for economic losses.

Identity theft continues to top the Federal Trade Commission’s (FTC) list of consumer complaints. According to the FTC, 8.1 million U.S. residents were victims of identity theft in 2007, with a total cost of about $45 billion.

Victims spend many hundreds of hours and thousands of dollars clearing up their records and their lives. Businesses also suffer from identity theft when their name is stolen and used illegally and also when their employees are victims, subsequently needing time off to clear up their personal records.

The CalChamber believes that vigorous investigation, arrest and prosecution of identity thieves will slow the growing threat of this crime.

Support Staff Contact: Valerie Nera