ST. PAUL, Minn. — The Minnesota Senate voted May 16 to approve a bill which would give credit unions and other card issuers a legal means to recover losses when retailers and processors fail to follow the industry's card data security standard.
Minnesota House of Representatives passed a version of the bill on May 8 by a vote of 104-27. The Senate passed its bill by 63-1. Because there are differences between the two bills, the House will have to pass the Senate version before the final bill will be sent to the Governor for his signature.
If it becomes law, the measure will move the industry's card data security standard into state law and give card issuers formal grounds upon which to bring legal action to recover their losses if data is lost due to a retailer or processor failing to adhere to the security standard.
The Minnesota Credit Union Network has been backing the bill and was pleased at the passage.
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