United States. Financial data. Act
FACTAFair and Accurate Credit Transactions Act of 2003 (FACTA; amending the Fair Credit Reporting Act)
In force
Partly verified
Medium confidence.Source read: Wikipedia only. Disposal rule details not read. The FCRA itself is recorded as us-fcra. Text link opened on LII (15 U.S.C. 1681, the FCRA).
§1Summary
- Synopsis
Amends the Fair Credit Reporting Act. Gives consumers a free credit report every 12 months from each nationwide credit bureau, requires identity theft prevention rules (the Red Flags Rule) and limits card numbers on receipts to five digits plus no expiry date.
- Key themes
- Unique features
Receipt truncation carries statutory damages of $100 to $1,000 per violation (per Wikipedia).
- SaaS relevance
Relevant to SaaS used by creditors and financial institutions for identity theft programmes.
§2Obligations
- Breach notification
- None
- DPO
- No
- Cross-border transfers
- None
- Maximum penalty
- Statutory damages $100 to $1,000 per violation for receipt truncation breaches (per Wikipedia)
§3Dates
- Key dates
- Adopted
- In force
- Pub. L. 108-159 signed 4 Dec 2003. Red Flags Rule compliance deadline for financial institutions: 1 Nov 2008 (later extended).
§4Text and authority
- Text
- Authoritative text law.cornell.edu
- Authority
- Federal Trade Commission; Consumer Financial Protection Bureau; federal banking agencies
§5Where it applies
- Domestic law of
- United States
- Also applies in
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Guam
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Puerto Rico
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- US Virgin Islands
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
§6Sources and verification
- Sources consulted
- Verification
Medium confidence.
Partly verified
Medium confidence.Source read: Wikipedia only. Disposal rule details not read. The FCRA itself is recorded as us-fcra. Text link opened on LII (15 U.S.C. 1681, the FCRA).