OR SB926 | 2023 | Regular Session

Status

Completed Legislative Action
Spectrum: Partisan Bill (Republican 3-0)
Status: Failed on June 25 2023 - 100% progression
Action: 2023-06-25 - In committee upon adjournment.
Text: Latest bill text (Introduced) [PDF]

Summary

Prohibits merchant service company or financing agency from retaining funds that are property of merchant for more than 10 calendar days unless merchant service company or financing agency allows merchant access to funds, including ability to withdraw funds, or merchant service company or financing agency pays merchant statutory rate of interest on balance of funds retained. Prohibits merchant service company or financing agency from retaining funds that are property of merchant for more than 10 calendar days unless merchant service company or financing agency allows merchant access to funds, including ability to withdraw funds, or merchant service company or financing agency pays merchant statutory rate of interest on balance of funds retained. Punishes violation of Act as unlawful practice under Unlawful Trade Practices Act. Takes effect on 91st day following adjournment sine die.

Tracking Information

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Title

Relating to requirements for retaining merchant funds past a certain period of time; prescribing an effective date.

Sponsors


History

DateChamberAction
2023-06-25SenateIn committee upon adjournment.
2023-02-22SenateReferred to Finance and Revenue.
2023-02-20SenateIntroduction and first reading. Referred to President's desk.

Oregon State Sources


Bill Comments

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