What is Regulation Z, and how does it protect the consumer?

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Regulation Z limits the risk to consumers when using credit cards. It places the risks such as credit card fraud, repudiation of the transaction, or nonpayment on the merchant and the credit card issuing bank. The liability to the cardholder is limited to $50 for unauthorized transactions that occur before the card issuer is notified that a card is lost or stolen. Once the card is reported stolen, the cardholder is no longer liable for any subsequent charges.

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