Current as of: 2010 Subdivision 1. Definitions.(a) For purposes of this section, the terms defined in this subdivision have the meanings given them. (b) "Access device" means a card issued by a financial institution that contains a magnetic stripe, microprocessor chip, or other means for storage of information which includes, but is not limited to, a credit card, debit card, or stored value card. (c) "Breach of the security of the system" has the meaning given in section 325E.61, subdivision 1, paragraph (d). (d) "Card security code" means the three-digit or four-digit value printed on an access device or contained in the microprocessor chip or magnetic stripe of an access device which is used to validate access device information during the authorization process. (e) "Financial institution" means any office of a bank, bank and trust, trust company with banking powers, savings bank, industrial loan company, savings association, credit union, or regulated lender. (f) "Microprocessor chip data" means the data contained in the microprocessor chip of an access device. (g) "Magnetic stripe data" means the data contained in the magnetic stripe of an access device. (h) "PIN" means a personal identification code that identifies the cardholder. (i) "PIN verification code number" means the data used to verify cardholder identity when a PIN is used in a transaction. (j) "Service provider" means a person or entity that stores, processes, or transmits access device data on behalf of another person or entity. Subd. 2. Security or identification information; retention prohibited.No person or entity conducting business in Minnesota that accepts an access device in connection with a transaction shall retain the card security code data, the PIN verification code number, or the full contents of any track of magnetic stripe data, subsequent to the authorization of the transaction or in the case of a PIN debit transaction, subsequent to 48 hours after authorization of the transaction. A person or entity is in violation of this section if its service provider retains such data subsequent to the authorization of the transaction or in the case of a PIN debit transaction, subsequent to 48 hours after authorization of the transaction. Subd. 3. Liability.Whenever there is a breach of the security of the system of a person or entity that has violated this section, or that person's or entity's service provider, that person or entity shall reimburse the financial institution that issued any access devices affected by the breach for the costs of reasonable actions undertaken by the financial institution as a result of the breach in order to protect the information of its cardholders or to continue to provide services to cardholders, including but not limited to, any cost incurred in connection with: (1) the cancellation or reissuance of any access device affected by the breach; (2) the closure of any deposit, transaction, share draft, or other accounts affected by the breach and any action to stop payments or block transactions with respect to the accounts; (3) the opening or reopening of any deposit, transaction, share draft, or other accounts affected by the breach; (4) any refund or credit made to a cardholder to cover the cost of any unauthorized transaction relating to the breach; and (5) the notification of cardholders affected by the breach. The financial institution is also entitled to recover costs for damages paid by the financial institution to cardholders injured by a breach of the security of the system of a person or entity that has violated this section. Costs do not include any amounts recovered from a credit card company by a financial institution. The remedies under this subdivision are cumulative and do not restrict any other right or remedy otherwise available to the financial institution. History:2007 c 108 s 1 ________________________________________________________________________
Questions & Answers: Unfair and Deceptive Practices Diane,
Alabama's "lemon law" does not apply to used cars. Did you buy the car "as is", or did it come with a warranty? If you bought it "as is" then the vehicle is yours, problem... | | From San Diego.Ca. I purchased an item in Nevada. It was defective. I returned it with a copy of the receipt. I asked for another product or money back. Company refused to do eithe... | | Ronnda,
Nevada law will generally look to see what the terms of the sale were. What was the merchant's refund/return policy and was it disclosed to you?
Steve Daily
LawServer.com... | | I purchased a used car on 2/28/13 they were going to fix bears and spark plugs, so I did not take possion of the vehicle till 3/1/13 @ 5 pm. I then went to gas because it was empty... | | I have a question regarding a recent reservation I had with the Florida Express Bus Company, where I booked a round trip ticket from Naples, Florida to Ft. Lauderdale on March 11,... | | I purchased a used car in Nevada, being advertised as "Dependable" and a V-6. I also asked the party to put in an email statement if it had any issues and again, they said it ran w... |
See also:U.S. Code Provisions: Unfair and Deceptive PracticesFederal Regulations: Unfair and Deceptive PracticesRelated Articles: Unfair and Deceptive Practices
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