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USCIS has proposed a rule requiring replacement of Green Cards that do not have an expiration date, but that rule still has not been made into law. On Dec 11 2007 USCIS issued this stmt: "Despite rumors to the contrary, 'green cards' (I-551) with no expiration dates are still valid, and lawful permanent residents carrying those cards will continue to receive all appropriate benefits. These cards will remain valid until the implementation of the final rule addressing this issue."

http://www.uscis.gov/files/pressrelease/I551Replacement121107.pdf

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