Magazine content is available exclusively for TIME subscribers.Business: Plastic Loophole
A man loses his wallet, with all his credit cards. Before he can notify each of the issuing companies, someone fraudulently charges thousands of dollars in his name. Is he liable for the entire amount? A percentage of it? A certain limit on each card?
Not a cent, says the Federal Trade Commission. According to the FTC, none of the major credit card companies has presented evidence that it is complying with the provisions of a 1970 amendment to the Truth in Lending Act. Unless the companies comply, the act prohibits them from pinching holders for as much as a penny on...
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