Calif. Panel OKs Credit Card Microchip Bill To Curb Fraud

By Erin Coe (April 9, 2014, 10:54 PM EDT) -- A California Senate panel on Wednesday passed a measure that would require credit card issuers and retailers in the state to adopt microchip technology in an effort to combat payment card fraud.

In a 6-3 vote, the state Senate Banking and Financial Institutions Committee approved S.B. 1351, which calls for issuers to equip credit and debit cards with microchips that are capable of storing a personal identification number by Oct. 1, 2015, while retailers would be required to have scanners that can read the new cards by the deadline.

The measure, proposed by state Sen. Jerry Hill, D-San Mateo, now heads...

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