Enacts the "interchange fee prohibition act"; prohibits the receipt or charge of interchange fees on the tax amount or gratuity of an electronic payment transaction if the merchant informs the acquirer bank or its designee of the tax or gratuity amount as part of the authorization or settlement process for the electronic payment transaction; establishes penalties.
Same As
Enacts the "interchange fee prohibition act"; prohibits the receipt or charge of interchange fees on the tax amount or gratuity of an electronic payment transaction if the merchant informs the acquirer bank or its designee of the tax or gratuity amount as part of the authorization or settlement process for the electronic payment transaction; establishes penalties.