IN HB1493 | 2021 | Regular Session

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 14 2021 - 25% progression
Action: 2021-01-26 - Withdrawn
Text: Latest bill text (Introduced) [PDF]

Summary

Payment card network interchange fees. Provides that the amount of certain taxes (covered taxes) that are: (1) calculated as a percentage of the gross retail income received by a merchant or seller in an electronic payment transaction; and (2) listed separately on the payment invoice or other demand for payment; must be excluded from the amount upon which any interchange fee is charged by a payment card network for the electronic payment transaction. Defines an "interchange fee" as a fee established, charged, or received by a payment card network to compensate an issuer of a debit card or credit card for the issuer's involvement in an electronic payment transaction. Requires a payment card network to do one of the following: (1) At the time of settlement of an electronic payment transaction, deduct from the calculation of any interchange fees the amount of any covered taxes that are specific to that form or type of electronic payment transaction. (2) Rebate an amount of the interchange fee in an amount proportionate to the amount of the interchange fee attributable to all covered taxes imposed in the electronic payment transaction. Provides that the required deduction or rebate must occur at the time of settlement when the merchant or seller, as part of the transaction finalization, is able to capture and transmit tax and fee amounts relevant to the sale at the time of sale. Provides an exception allowing a payment card network to credit a merchant's or seller's settlement account for interchange fees collected on amounts that included covered taxes, in cases in which a merchant or seller is not able to capture and transmit tax or fee amounts relevant to the sale at the time of sale. Provides that a payment card network that violates these provisions: (1) is liable for a civil penalty in an amount not to exceed $1,000 per violation, payable to a person aggrieved by the violation; and (2) shall refund to each affected merchant or seller the amount of excess interchange fees collected.

Tracking Information

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Title

Payment card network interchange fees.

Sponsors


History

DateChamberAction
2021-01-26HouseWithdrawn
2021-01-14HouseFirst reading: referred to Committee on Commerce, Small Business and Economic Development
2021-01-14HouseAuthored by Representative Bartels

Indiana State Sources


Bill Comments

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