What is the Fair and Accurate Credit Transactions Act (FACTA)?

Where can I go for more information on FACTA?

General information on FACTA can be found on the Internet. See for example:

http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=108_cong_public_laws&docid=f:publ159.108.pdf  and

http://www.ftc.gov/bcp/edu/pubs/business/alerts/alt007.pdf

The intent of the Proposed Act is as follows:

1) that any merchant that truncated the cardholder number but printed an expiration date on an electronically printed receipt provided to the cardholder between December 4, 2004 and June 3, 2008 will not be considered in willful noncompliance with FACTA; in other words, unless the cardholder can prove actual damages, a merchant is exempted from willful noncompliance FACTA suits for receipts issued during this exemption period that truncated the card number but showed the expiration date. After June 3, 2008, the merchant is still liable for willful noncompliance.

2) to protect Merchants that qualify for this limited exception from automatically imposed fines, (even if no damages occurred) that could be awarded for willful noncompliance under FACTA, which range from $100.00 to $1,000.00 per receipt, for receipts printed during this exception period;

The Proposed Act is also expected to apply to all merchants involved in currently pending FACTA lawsuits. It will not, however, affect FACTA lawsuits that have already been settled or dismissed. The Proposed Act does not modify the requirements of FACTA and merchants must still comply with their obligations under FACTA.