Credit & Debit Card Clarification Act
The Credit and Debit Card Clarification Act of 2008 amends the Fair and Accurate Credit Transaction Act (FACTA) to prevent unnecessary lawsuits, while preserving protections against identity theft by keeping certain credit and debit card information hidden.
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History
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Identity theft has been a growing problem, and, in response, the government passed FACTA in 2003, which requires that all retail businesses show only a portion of a credit card number and do not show the credit card expiration date on customer receipts.
Consequences
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Following passage of FACTA, a number of lawsuits were filed because some businesses did not remove the expiration date from receipts. The businesses claim that the law was not clear.
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Solution
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The Credit and Debit Card Clarification Act adds a clarification of "willful noncompliance" with the requirements in FACTA. Businesses that printed an expiration date on receipts between when FACTA became effective, in December 2004, and the date of the new act, June 2008, will not be in willful noncompliance with the law.
Significance
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This act clarifies what businesses must do and gives them time to do it, so it makes it less likely that they will be sued for noncompliance.
Considerations
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This act does not affect lawsuits against anyone who is accused of committing identity theft.
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