June 3, 2008

President Bush Signs H.R. 4008, the Credit and Debit Card Receipt Clarification Act of 2007 Into Law
Act Eliminates Potentially Billions in Damages Exposure for Merchants Hit With FACTA Credit Receipt Class Actions

      On June 3, 2008 President Bush signed H.R. 4008, the Credit and Debit Card Receipt Clarification Act of 2007 (Act) into law.  The Act provides relief to hundreds of businesses facing class action law suits across the country.  It prevents plaintiff class action attorneys from potentially "cashing-in" on a technical violation of a provision of the Fair Credit Reporting Act (FCRA) which prohibits merchants from printing the card expiration date on credit and debit card receipts.  This provision was added to the FCRA by Congress in 2003 when it passed the Fair and Accurate Credit Transactions Act (FACTA).

      Read the entire alert on the Credit and Debit Card Receipt Clarification Act of 2007.