President Bush clarifies FACTA

Known as “that Moron in the White House” by my American father-in-law, President Bush yesterday signed into law a couple of things that you might have missed.

H.R. 2356, which encourages the display of the flag of the United States on Father’s Day;

S.J.Res. 17, which encourages the United States to initiate international discussions with other Arctic nations to negotiate an agreement for managing migratory and transboundary fish stocks in the Arctic Ocean.

H.R. 4008, the “Credit and Debit Card Receipt Clarification Act of 2007,” which specifies that certain entities that printed an expiration date on certain credit and debit card receipts were not in willful noncompliance with the Fair Credit Reporting Act;

Were you aware of that last one? It relates to FACTA – the Fair Credit Reporting Act – which, amongst other things states:

Except as otherwise provided in this subsection, no person that accepts credit cards or debit cards for the transaction of business shall print more than the last 5 digits of the card number or the expiration date upon any receipt provided to the cardholder at the point of the sale or transaction.

Any American consumer who purchases goods or services from an American based company has a right to take legal action if the receipt from a credit card transaction shows either more than the last 5 digits of the credit card number or the card expiry date. And there are quite significant fines at stake as well. According to this document, Costco, California Pizza Kitchen, FedEx Kinko’s, IKEA, Wendy’s, TGI Friday’s, T.J. Maxx, and Radisson Hotels (among others) are all defending against FACTA class action lawsuits.

According to the receipts I’m presently carrying around with me Starbucks and Sheraton Hotels should be very wary too! It’s unfortunately all too true and if you’re doing business in America then you need to be aware of this legislation and check whether or not your business is compliant.