12 2 STA T . 1 56 5 PUBLIC LA W 11 0– 2 4 1 —J U NE3, 200 8PublicLaw1 1 0–24 1 110 thCongres s A n Act Toamendth e F a irC redit R e p ortin gAc ttoma k e technica l correction s to the de f inition of w illf u l noncompliance with respect to v iolations involving the printing ofane x piration date on certain credit and de b it card receipts before the date of the enactment of this Act .Beit e nac te dby t h e S enate and Hous eo fR e pr esentati v es of the U nited States of Am erica in C on g ress assemb l ed ,SECTION1. S H O R T TIT L E. ThisActmaybe cite d as the ‘ ‘ Cr edit a n d D ebit Card R ecei p t C l ari f icati o nActof 20 0 7’ ’ . SEC. 2 . F IN D IN G S
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RPOSE. ( a )FIND IN GS . — The Con g ress finds as follo w s
( 1 ) The Fair and Acc u rate Credit Transactions Act (com - monly referred to as ‘‘FACTA’’ ) was enacted into law in 200 3 and 1 of the purposes of such Act is to pre v ent criminals from obtaining access to consumers’ private financial and credit information in order to reduce identity theft and credit card fraud. (2) As part of that law , the Congress enacted a re q uirement, through an amendment to the Fair Credit Reporting Act, that no person that accepts credit cards or debit cards for the trans- action of business shall print more than the last 5 digits of the card number or the e x piration date upon any receipt pro- vided to the card holder at the point of the sale or transaction. (3) M any merchants understood that this requirement would be satisfied by truncating the account number down to the last 5 digits based in part on the language of the provision as well as the publicity in the aftermath of the pas- sage of the law. ( 4 ) Almost immediately after the deadline for compliance passed, hundreds of lawsuits were filed alleging that the failure to remove the expiration date was a willful violation of the Fair Credit Reporting Act even where the account number was properly truncated. (5) N one of these lawsuits contained an allegation of harm to any consumer’s identity. ( 6 ) E xperts in the field agree that proper truncation of the card number, by itself as required by the amendment made by the Fair and Accurate Credit Transactions Act, regard- less of the inclusion of the expiration date, prevents a potential fraudster from perpetrating identity theft or credit card fraud. (7) Despite repeatedly being denied class certification, the continued appealing and filing of these lawsuits represents 15USC 1 68 1 n n ote. 15 USC 16 0 1 note. C r e di t a nd D e b it Card R e c ei p t C l ari f ication A ct of 2 00 7 . Ju ne 3, 2008 [H .R. 4 008 ]
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