Chargeback Fairness and Transparency Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill, the Chargeback Fairness and Transparency Act, aims to increase transparency and fairness in chargeback disputes involving debit and credit card transactions in South Carolina. It prohibits financial institutions from charging fees to merchants or consumers during the chargeback process until the dispute is resolved and a written explanation is provided. The Department of Consumer Affairs will oversee the implementation and enforcement of this new rule.
Key provisions
- Financial institutions cannot charge fees during a chargeback dispute.
- Financial institutions must provide written notice explaining the reasoning and evidence related to the chargeback.
- The written notice must include information about the appeals procedure.
- The Department of Consumer Affairs will oversee and enforce compliance with the law.
- The definition of ‘chargeback dispute’ includes disagreements over debit or credit card transactions.
Who is affected
- Financial Institutions
- Merchants
- Consumers
Notable changes
- Adds a new section (37-1-320) to the South Carolina Code of Laws.
- Establishes a requirement for financial institutions to provide written notice in chargeback disputes.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
C. Mitchell
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