Prohibits credit and debit card interchange fees in certain circumstances.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill prohibits credit card interchange fees in certain circumstances, specifically when the fee includes a percentage of the transaction amount and doesn't exclude taxes or gratuities. It also limits the ability of payment card networks to increase fees in a way that circumvents these restrictions. The bill aims to reduce costs for merchants by limiting how interchange fees are calculated and applied, particularly concerning taxes and tips.
Bill text
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Document of record
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