CO HB1282

Summary of HB 25-1282: Swipe Fee Fairness and Consumer Safeguards Act

• Prohibits payment card networks from fixing interchange fees with credit card issuers, requiring merchants to accept all cards from an issuer, or charging fees on the tax and gratuity portions of transactions

• Caps interchange fees on charitable contributions at 0.2% for debit cards and 0.3% for credit cards

• Restricts payment card networks from using electronic payment transaction data except for processing, fraud prevention, loyalty programs, and legal compliance

• Bars networks from charging dispute-related fees until the dispute is resolved and written notice is provided to the consumer or merchant

• Creates private right of action for injured merchants and consumers, with damages of actual losses plus interest, $500 minimum, or triple damages for bad faith conduct, plus attorney fees and costs