Answer:
by Brian Crow:
Since there is no statute of limitations within Regulation E for reporting unauthorized activity, there is no possible way state law could be more friendly.
Your obligation is to follow the liability schedule in 1005.6(b). If the customer fails to notify you timely, while the error resolution procedures for provisional credit and investigation timeframes in 1005.11 do not apply, the commentary notes you still have to follow 1005.6(b) before imposing any liability on the customer.
Answer:
by John Burnett:
And don't forget, of course, that if you cannot determine that the transactions listed in the error claim were made by the consumer or that the consumer benefited from them, you must treat them as unauthorized, and under Massachusetts law, the most you will be able to make the customer responsible for is $50.
print
share