Identity Theft bill

Information Protection and Security Act - Directs the Federal Trade Commission (FTC) to promulgate regulations governing the conduct of information brokers and the protection of personally identifiable information held by such brokers. States that such regulations shall include rules: (1) requiring procedures for maximum data accuracy, confidentiality, user authentication and tracking, the prevention and detection of illegal or unauthorized activity, and mitigation of potential harm to individuals; (2) allowing individuals to obtain disclosure of such information pertaining to them held by an information broker, to be informed of each entity that procured such information, and to request and receive prompt correction of errors; and (3) prohibiting brokers from engaging in activity that fails to comply with FTC regulations.

Requires violations of such regulations to be treated as unfair or deceptive acts or practices under the Federal Trade Commission Act.

Authorizes States, after providing notice to the FTC and the Attorney General, to bring civil actions on behalf of State residents in Federal district court or any other court of competent jurisdiction to: (1) enjoin such acts or practices; (2) enforce compliance with FTC regulations; or (3) obtain damages, restitution, compensation, or other appropriate relief. Prohibits State actions during the pendency of criminal proceedings brought by the Attorney General or civil actions instituted by the FTC against the same defendant for violations of this Act.

Establishes a private right of action for individuals injured by violations of regulations promulgated under this Act.