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Cardholder Fraud Liability Potentially Increases with Wisconsin Act 136

As a result of the March 11th, 2014 enactment of Wisconsin Act 136, Wisconsin residents posessing payment cards may have more liability for fraud depending on reporting timeframe.

Act 136 changed Wisconsin’s previous law which was more protective toward consumers and brought fraud liability limits more inline with the applicable federal law known as “Reg E.”

Whereas the previous Wisconsin law generally limited cardholder fraud liability to $50, the new law may increase liabililty to a limit of $500 depending on how quickly the cardholder reports the event to the card issuing financial institution after the cardholder becomes aware of the unauthorized use or lost/stolen/missing payment card.

This Act may have implications for Wisconsin financial institutions possibly related to changes in terms and customer notifications.

More information can be found here and a copy of Act 136 can be found here.

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