test.com - instant approval bad credit credit card


Menu



Google



State adds new fraud-protection measures for credit-card receipts

New York State has amended the General Business Law to limit the information that may be printed on certain receipts that are provided to card holders. The move is an effort to limit the potential of fraud resulting from the use of account information appearing on misplaced or discarded sales receipts. Harris Beach and other law firms have begun providing information about the changes to clients to prepare for compliance.

With certain exceptions, beginning on Jan. 1, 2004, any person, firm, partnership, association, limited-liability company, corporation, or other entity that accepts- charge, credit, or debit cards will be limited in the information that may be printed on a receipt provided to the card holder.

Specifically, any receipt provided to the card holder may not contain the expiration date of the charge, credit, or debit card or more than the last five digits of the charge, credit, or debitcard account number. This new provision only applies to receipts that are electronically printed by cash registers or other devices that are placed into service on or after Jan. 1, 2004. Cash registers and other devices which are placed into service prior to Jan. 1, 2004, must be in compliance with this new provision by Jan. 1, 2007. Additionally, this new provision does not apply to transactions in which the sole means of recording the charge, credit, or debit-card account number is by handwriting, an imprint, or copy of the card.

Any person, firm, partnership, association, limited-liability company, corporation, or other entity that accepts charge, credit, or debit cards and violates this new provision will be notified of the violation and will be given two weeks to come into "I compliance. If, after this two-week period, the violation is not fully corrected, the violator will be fined $500 and will be granted an additional one week to come into full compliance with the law. If, after this additional one-week period, the violation is not fully corrected, the violator will be fined $1,000 per week until the violator comes into full compliance. In no event, however, will the penalties imposed for a violation of this new provision exceed $4,500 for violations occurring on the same premises.

Copyright Central New York Business Journal Jan 09, 2004
Provided by ProQuest Information and Learning Company. All rights Reserved