MINNEAPOLIS — Minnesota's Plastic Card Security Act is set to go into effect on August 1 and it has already begun to have an impact on cardholder peace of mind, according to a story in the Minneapolis Star Tribune.
The Card Security Act makes the industry's card security standards a part of state law and provides a specific remedy through the courts that financial institutions which have been damaged through retailers' data security breaches can recover some of their losses.
The legal remedies will not become available until Aug. 1, 2008, however.
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Industry experts quoted in the story doubted that the law would have any immediate impact on cardholders, but consumers interviewed said that preventing retailers from keeping card data made them feel more secure about using their credit and debit cards.
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