Congress Fixes Flub in Fair Credit Act
Jun 2nd, 2008 | By Dawn R. Rivers | Category: RegulationsLast week, we learned that Congress does occasionally go back to see if something they did is working. This week, we also learn that Congress also sometimes goes back to fix things they screwed up. Case in point: Congress has moved pretty speedily (for them) to pass a bill that protects merchants from frivolous lawsuits prompted by an ambiguous “or” and a lot of bloodthirsty trial lawyers. In addition to truncated credit card numbers, merchants are not supposed to print expiration dates on receipts — something many didn’t know, thanks to that infamous “or.” Thanks to this bill, which only took seven months to get through the process, consumers retain their protections against identity theft and Main Street merchants get a second chance without having to worry about retroactive lawsuits.
