According to Rep. Michele Bachmann (R-Minnesota), H.R. 4008 was signed into law on June 3, 2008. H.R. 4008 amends the Fair And Accurate Credit Transaction Act (FACTA) by clarifying that, up to June 3, 2008, a company is not in willful violation of the Act if it shortens a consumer’s credit card number printed on a receipt to four digits but does not remove the expiration date. According to ChamberPost, over 500 class actions currently pending asserted claims based upon the failure of various businesses to remove the credit card expiration date from a consumer's printed receipt. (Pete Lawson, Fair and Accurate Credit Transaction Act (FACTA) (June 4, 2008) www.chamberpost.com.) Going forward, businesses must correct their receipt printing practices, since H.R. 4008 applies only to receipts printed between December 4, 2004 and June 3, 2008.
This legislation is an interesting compromise approach. While it will apparently shut down over 500 class actions, much to the relief of those defendants, it doesn't change FACTA's requirements going forward. Everyone gets one free pass to get compliant. I wonder if we will see more "spot" reform legislation as the negotiated middle ground between general anti-class action legislation and the proponents of civil enforcement through class suits.