HB 2629
Initials PB Page 1 Commerce
ARIZONA HOUSE OF REPRESENTATIVES
Fifty-seventh Legislature
First Regular Session
HB 2629: merchant; fees; calculation; transactions; penalty
Sponsor: Representative Weninger, LD 13
Committee on Commerce
Overview
Provides prohibitions relating to interchange fees.
History
Federal law requires the amount of any interchange transaction fee that an issuer may
receive or charge with respect to an electronic debit transaction to be reasonable and
proportional to the cost incurred by the issuer with respect to the electronic debit transaction.
Each interchange transaction fee received or charged by the issuer cannot be greater than
the sum of 21 cents and 5 basis points multiplied by the value of the transaction.
An interchange transaction fee is any fee established, charged or received by a payment card
network and paid by a merchant or an acquirer for the purpose of compensating an issuer for
its involvement in an electronic debit transaction.
Provisions
1. Prevents certain entities from receiving or charging an interchange fee on the tax amount
of an electronic payment transaction provided the merchant informs the acquirer bank of
the tax amount as part of the authorization for the electronic payment transaction. (Sec.
1)
2. Requires a merchant to transmit the tax to avoid being charged an interchange fee. (Sec.
1)
3. Instructs a merchant who has not transmitted the tax to submit tax documentation for
the electronic payment transaction to the acquirer bank within 180 days after the
transaction. (Sec. 1)
4. Requires the acquirer bank to credit the amount of the interchange fee to the merchant
within 30 days after the submission of the tax documentation. (Sec. 1)
5. Specifies a payment card network is not liable for the accuracy of any tax data reported
by a merchant. (Sec. 1)
6. Prohibits certain entities from manipulating the calculation or increasing the rate or
amount of fees charged to a credit card or debit card transaction that are not attributable
to the taxes or other fees charged to the retailer to impose an interchange fee. (Sec. 1)
7. Subjects entities that violate interchange fee provisions to a $1,000 civil penalty for each
transaction and to refund the interchange fee. (Sec. 1)
8. Defines pertinent terms. (Sec. 1)
☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note