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FL H0677
Bill
Status
Introduced
2/8/2023
Primary Sponsor
Commerce Committee
Click for details
AI Summary
- Prohibits issuers, payment card networks, acquirer banks, processors, and other entities from charging merchants interchange fees on the tax or tip portions of electronic payment transactions, provided the merchant transmits the tax or tip amount data as part of the transaction authorization
- Merchants that fail to transmit tax or tip data at authorization may submit tax documentation or tip amount data to the acquirer bank within 180 days, and the issuer must credit the overcharged interchange fees within 30 days
- Imposes a civil penalty of $1,000 per transaction on entities that receive tax or tip data and still charge interchange fees on those amounts, plus requires a refund of the improperly charged fees
- Prohibits entities involved in processing electronic payments (other than the merchant) from distributing, exchanging, transferring, disseminating, or using transaction data except to facilitate the transaction or as required by law, with violations enforceable under the Florida Deceptive and Unfair Trade Practices Act
- Effective October 1, 2023, and does not apply to transactions where the tax or tip amount is not separately stated on the consumer's invoice or sales slip
Legislative Description
Electronic Payment Transactions
Last Action
Died on Second Reading Calendar
5/5/2023
Committee Referrals
Commerce Committee3/16/2023
Insurance And Banking Subcommittee2/14/2023
Full Bill Text
No bill text available