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Regulations E & Z

FACTA contains requirements that are similar to the electronic security rules for credit cards and ATMs. The act limits printing of account numbers on receipts to the final four or five digits or the expiration date. Full numbers must not be printed on receipts. Receipts that are prepared by hand - usually in the smaller shops - are exempt from this restriction. The provision takes effect three years from the date of enactment (December 5, 2003) for any machine that is in use before January 1, 2004. Any machine that is first put into use on or after January 1, 2004 must comply with this provision within one year. In other words, don't submit an order now for a machine that cannot truncate the account number.

Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 8, No. 14, 1/04




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