[email protected] (Sam Siegel) writes: > Every state has laws regarding the retention of data related to the conduct > of business. The amount of time is typically 3 to 7 years. No keeping the > receipts (or copies thereof) could create legal problems as well.
re: http://www.garlic.com/~lynn/2010.html#98 Korean bank Moves back to Mainframes (...no, not back) a lot of record retention is by UCC which most states follow ... aka like for checks: http://www.bankersonline.com/compliance/gurus_cmp1001l.html above references "if the items are not returned to customer" ... in the credit card slip case ... both the consumer and the merchant have copies. the electronic record of the transaction data is kept (by the issuing bank) ... question of what wasn't kept was the merchant's paper slip copy with signature &/or electronic image of same. the issue was resolving (potentially legal) disputes ... what side has burden of proof and what kind of proof. merchant not having the signed slip effectively resolves on behalf of the consumer (having the signed slip doesn't mean that it resolves on behalf of the merchant ... the merchant still has to show that it is the consumer's signature). other items are like how long does consumer have to dispute items. in any case, standard "reg. E" places burden of proof on merchant one of the interesting flyers in the 90s was proposal about digitally signed, public key transactions for internet transactions. consumers would pay $100/annum for their digital certificate ... and in effort to sweeten the deal for merchants to install the technology ... the burden of proof (in disputes) for public key transactions ... would be switched from merchant to consumer. the question was raised ... why would the consumer pay $100/annum for something that would switched the burden of proof to them. there has been some amount of churn in the UK with their chip payment card about something analogous ... where the dispute burden of proof is now effectively on the consumer. -- 40+yrs virtualization experience (since Jan68), online at home since Mar1970 ---------------------------------------------------------------------- For IBM-MAIN subscribe / signoff / archive access instructions, send email to [email protected] with the message: GET IBM-MAIN INFO Search the archives at http://bama.ua.edu/archives/ibm-main.html
