A3003

Directs State Treasurer to establish electronic payment security standards for State transactions.

This bill directs the State Treasurer to establish State Government Electronic Payment Security Standards for point-of-sale terminal transactions involving credit, debit, or charge cards. The standards are intended to enhance consumer safety and protect against identity theft and fraud. The State Treasurer must issue these standards within six months of the bill's enactment, with full technological implementation scheduled for 18 months after enactment. Until the new standards are issued, EMV smart chip technology is mandated as the minimum acceptable security standard.