Credit and Debit Card Receipt Clarification Act of 2007
Latest Action
Became Public Law No: 110-241.
Official Summary
(This measure has not been amended since it was introduced. The summary of that version is repeated here.) Credit and Debit Card Receipt Clarification Act of 2007 - Amends the Fair Credit Reporting Act (FCRA) to declare that any person who printed an expiration date on any receipt provided to a consumer cardholder at a point of sale (POS) or transaction between December 4, 2004, and the enactment of this Act, but otherwise complied with FCRA requirements for such receipt, shall not be in willful noncompliance by reason of printing such expiration date on it.
GovScope Watchdog™
AI Government Intelligence™The Credit and Debit Card Receipt Clarification Act of 2007 amends the Fair Credit Reporting Act (FCRA) to provide legal protection for businesses that printed expiration dates on credit or debit card receipts between December 4, 2004, and the enactment of this Act. Specifically, it states that such printing of expiration dates on receipts during this period does not constitute willful noncompliance with FCRA requirements, provided all other FCRA rules for receipts were followed. This measure clarifies the legal status of past receipt practices to prevent penalties or enforcement actions related to this specific issue.
This law protects businesses from penalties for printing expiration dates on credit or debit card receipts during a defined past period, clarifying compliance with the Fair Credit Reporting Act.
- Amends the Fair Credit Reporting Act to address receipt printing practices.
- Applies retroactively to receipts printed between December 4, 2004, and the law's enactment date.
- Prevents willful noncompliance findings solely based on printing expiration dates on receipts if other FCRA requirements were met.
['Retailers and businesses that issued credit or debit card receipts during the specified period', 'Financial institutions and payment processors involved in point-of-sale transactions', 'Consumers indirectly benefit from clarified compliance standards']
['The law provides retroactive legal protection, which may limit enforcement actions for past violations related to expiration dates on receipts.', 'No new enforcement or oversight mechanisms are introduced to address future receipt printing practices.', 'The bill text does not specify any cost implications or funding mechanisms.']
The bill was introduced in the House during the 110th Congress and was signed into law on June 3, 2008, becoming Public Law No: 110-241. It addresses a specific compliance issue under the Fair Credit Reporting Act related to credit and debit card receipts, reflecting legislative efforts to clarify and adjust regulatory requirements for businesses and financial institutions.
Hidden impact flags detected: 1
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['May reduce litigation or enforcement actions related to past receipt printing practices involving expiration dates.', 'Could influence how businesses handle receipt information disclosures going forward by clarifying compliance boundaries.', 'Potentially sets a precedent for retroactive clarifications in other regulatory compliance areas.']
The bill clarifies compliance requirements retroactively, which is important for transparency about enforcement limits. However, the absence of the full bill text limits detailed analysis of specific provisions or definitions. Oversight should monitor how this retroactive protection affects enforcement consistency and whether similar clarifications are needed in related financial regulations.
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