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AL SB125
Bill
Status
3/22/2023
Primary Sponsor
Merika Coleman-Evans
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AI Summary
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Requires payment card networks to exclude state and local taxes and fees from the calculation of interchange fees (swipe fees) charged on electronic payment transactions.
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Payment card networks must either deduct tax and fee amounts from interchange fee calculations or provide proportionate rebates to merchants and sellers at the time of settlement.
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Requires payment card networks to accept proof of tax or fee amounts from merchants unable to capture and transmit this data at point of sale, with prompt crediting to settlement accounts.
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Establishes liability for violations including repayment of improperly charged interchange fees, punitive damages up to $1,000 per violation, court costs, and reasonable attorney fees.
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Becomes effective on the first day of the third month following passage and approval by the Governor.
Legislative Description
Relating to credit and debit card fees; to provide that the calculation of any credit or debit card swipe fee may not include taxes and fees added on to the price of the goods or services purchased by the credit or debit card.
Last Action
Introduced and Referred to Senate Banking and Insurance
3/22/2023