The American Housing Rescue and Foreclosure Prevention Act of 2008 (H.R.3221), containing merchant card information reporting requirements opposed by ETA and other payment organizations, passed the U.S. House by a vote of 272-152 yesterday. 

The bill will require merchant acquiring entities and third party settlement organizations to report the name, address, TIN, and gross amount of reportable payment transactions of each payee once a year. Third party settlement organizations are required to report only if the value of transactions exceeds $20,000 and the total number of transactions is more than 200 per year.

If, as expected, the bill clears the Senate and is signed by President Bush, it will take effect December 31, 2010.  The Secretary of the Treasury will develop regulations to implement this provision.

Senate passage could come as early as today, and despite previous veto threats, President Bush indicated yesterday that he will sign the bill into law.