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Can I collect debit card information from participants in Wyoming? What are the requirements?

Collecting Debit Card Information in Wyoming

Based on the provided documents, it is illegal to collect debit card information without the permission of the authorized user of the electronic payment card [1.1]. Unlawful skimming of credit, debit or other electronic payment cards is a felony punishable by imprisonment for not more than five (5) years, a fine of not more than ten thousand dollars ($10,000.00), or both, for a first conviction [1.1]. Therefore, it is important to obtain the permission of the authorized user before collecting any debit card information.

If you are collecting debit card information as part of an innovative financial product or service, you must keep comprehensive records as required by W.S. 40-29-106(d) [3.1]. These records must include all consumer contact information, including the information required in Section 3 of these rules, all agreements, contracts and subscription records, all correspondence between the person selling the innovative financial product or service and the consumer, all financial statements and bank account records, and a copy of all advertisements the person selling the innovative financial product or service has used to market their product or service in Wyoming [3.1].

To validate the residency of the consumer, the person offering the innovative financial product or service must collect the consumer’s name, address, and phone number, and review one or more of the following records or documents: a valid operator’s license, chauffeur’s license, or official personal identification card issued by Wyoming, a current Wyoming voter registration, or any of the documents or combinations of documents that are sufficient to establish residency under Rules Wyo. Sec’y of State Election Procedures, Ch. 2, § 6 [3.2].

In summary, it is illegal to collect debit card information without the permission of the authorized user of the electronic payment card. If you are collecting debit card information as part of an innovative financial product or service, you must keep comprehensive records and validate the residency of the consumer.

Source(s):
Jurisdiction

Wyoming