The Fair and Accurate Credit Transactions Act (FACTA) was passed under the Fair Credit Reporting Act back in 2003. The law requires that credit card receipts print only truncated portions of the credit card number used for the transaction. Businesses were given until 2006 to comply and since then can be hit with monetary penalties. They are also open to civil lawsuits, and that is the problem. The law has gone from being a tool to battle identity theft and credit card fraud to being a gold mine for trial lawyers who bring suit against small businesses that inadvertently violate the law.
America’s Best Companies believes that this is both a travesty of justice and a perversion of the law’s original intent. The following is a letter written by ABC President Jim Tracy, and sent to every senator and representative, as well as to the President, which outlines the problem and urges action to put an end to these litigious abuses. Here is the body of Jim’s letter:
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