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FL S0564
Bill
AI Summary
- Prohibits issuers, payment card networks, acquirer banks, and processors from receiving or charging merchants interchange fees on the tax portion of electronic payment transactions, provided the merchant transmits the tax amount data during authorization or settlement (effective October 1, 2024)
- Merchants who fail to transmit tax data at the time of transaction may submit tax documentation within 180 days, after which the issuer must credit the interchange fees charged on the tax amount within 30 days
- Imposes a civil penalty of $1,000 per transaction on any entity that receives the tax amount data and still charges interchange fees on the tax portion, plus requires a refund of the overcharged interchange fee to the merchant
- Prohibits entities involved in processing electronic payment transactions (other than the merchant) from distributing, exchanging, or using transaction data for purposes beyond facilitating the transaction or as required by law, with violations enforced under the Florida Deceptive and Unfair Trade Practices Act
- Requires the Office of Economic and Demographic Research to submit a report to the Legislature by January 9, 2024, analyzing technological, financial, and economic impacts of the interchange fee prohibition on merchants, processors, payment card networks, acquirer banks, and issuers
Legislative Description
Interchange Fees on Taxes
Last Action
Died on Calendar
5/5/2023
Committee Referrals
Rules4/7/2023
Commerce And Tourism3/17/2023
Full Bill Text
No bill text available