SB2083 - Interchange Fee Act

• Excludes separately stated state and local taxes from the amount upon which interchange fees are calculated for electronic payment transactions using credit cards, debit cards, or other payment devices.

• Requires payment card networks to either deduct covered tax amounts from interchange fee calculations at settlement or provide proportionate rebates to merchants and sellers.

• Mandates payment card networks accept proof of tax amounts collected from merchants and promptly credit their settlement accounts when merchants cannot transmit tax data at time of sale.

• Prohibits payment card networks from increasing interchange fee rates on non-tax portions of transactions to circumvent the bill's requirements.

• Establishes civil penalties of up to $1,000 per violation against payment card networks, with violators required to refund excess interchange fees collected to affected merchants and sellers.