[net.misc] Stolen Credit Cards

paul (11/23/82)

	I may be wrong, but I think that in Michigan your total liability
is $50 per stolen card, if you report the theft promptly.  This is the 
result of statute law, not because of insurance, etc.  Is this a state
or national law?  It seems it would be a Federal law.

	Does anybody else know more about this?

ark (11/24/82)

My understanding is that your total liability is $50 per stolen card
if you do NOT report the theft promptly.  This appears to be Federal law.
The details:  you are not liable for any charges made in your name
after you have reported the theft to the credit card company.  If you
do not report, they can hit you for the first $50, provided that (a)
they have told you where to report it; (b) they have provided you with
a postage-free form for the purpose, (c) something else, which I forget.