SB 134 — Payment Card Networks' Fees
Last action — Governor Vetoed
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✓Introduced
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✓In Committee
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✓Passed Senate
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✓Passed House
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✓To Executive
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6Enacted
This bill has been enacted into law. Introduced March 04, 2026. Enacted.
Signed by Governor Jared Polis (Democratic) on May 22, 2026.
Odds of enactment
High chanceBased on the sponsor, cosponsors, and committee posture, this bill has a high chance of becoming law.
Upgrade to see the exact probability and what's driving it.
A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.
Prognosis
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Enacted
Current position in the legislative process.
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22 sponsors
16 primary, 6 co-sponsors signed on.
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Single-party support
Sponsorship is currently within one party (7 D).
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Mixed recorded votes
3 passed, 2 failed in recorded votes so far.
Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.
In plain language
The bill regulates interchange fees charged by payment card networks.
This bill prohibits payment card networks from charging interchange fees based on transaction amounts that include taxes. It also allows civil action against networks that violate these rules and mandates large retail businesses to pass savings on to consumers or employees.
What this means for you
- Workers: Employees may see improved wages or benefits as a result of savings passed on by large retailers.
- Consumers: Consumers could benefit through lower prices due to savings from reduced interchange fees.
Summary
An interchange fee is a fee established, charged, or received by a payment card network for the purpose of compensating an issuer for its involvement in an electronic payment transaction. The act states that a payment card network shall not, whether directly or indirectly:Establish, charge, or include in a fee schedule an interchange fee if:The interchange fee is or includes a percentage multiplied by the gross dollar amount of a transaction conducted with a debit card or credit card; andThe fee does not exclude from the gross dollar amount of the transaction any amount attributable to a tax on the transaction; orIncrease the rate or amount of fees that apply to the nontax portion of a transaction in an attempt to, or in a manner that would, circumvent the prohibition on interchange fees established by the act. The act exempts electronic payment transactions involving a debit card or credit card issued by a person, or agent of a person, that issues a debit card or credit card to a cardholder (issuer) that:Did not, during any point in the previous calendar year, hold consolidated worldwide banking and nonbanking assets, including assets of affiliates, other than trust assets under management, of more than $60 billion; orAs of February 1, 2026, had contracted to brand the card with the brand of a financial institution chartered or authorized to do business in this state that did not, during any point in the previous calendar year, hold consolidated worldwide banking and nonbanking assets, including assets of affiliates, other than trust assets under management, of more than $60 billion.An issuer that satisfies either of these exemption descriptions must identify to a payment card network all of the issuer's debit cards and credit cards that are used for exempted transactions. The payment card network shall not, whether directly or indirectly through an agent, contract, requirement, condition, penalty, technological specification, or inducement or otherwise:Deny such a card access to transaction processing systems; orImpose any fee increase or penalty on the issuer or on a financial institution branded on the card for any costs of upgrades or configurations to payment and processing systems that may be necessary to comply with the act with respect to such cards. If a payment card network violates the act's prohibitions, a merchant, consumer, or other person that is injured as a result of the violation may bring a civil action against the payment card network. The act sets forth the penalties to be awarded in such an action. For the 2026-27 state fiscal year and each state fiscal year thereafter, the act requires each retail business that has more than 500 employees statewide on the effective date of the act to apply any savings resulting from the act to reducing prices for consumers or investing in employee wages or benefits.(Note: This summary applies to this bill as enacted.)
Bill Text
What changed in the latest version
244 added · 315 removedPlain-language change summary
The recent amendment to SB 134 includes a note indicating that the bill is prepared for signatures from legislative officers and the Governor, which is an essential procedural step in the lawmaking process. This addition helps clarify the status of the bill and informs the public about how to check if it has been signed or if further actions are needed. While the core content regarding fees by payment card networks remains, this administrative update enhances transparency and helps keep the public informed about the bill's progress.
SecondNOTE: Regular Session Seventy-fifth General Assembly STATE OF COLORADO REREVISED This Version Includes All Amendments Adopted in the Second House LLS NO.
26-0672.01This Richardbill Sweetmanhas x4333been SENATEprepared BILLfor 26-134the SENATEsignatures SPONSORSHIPof Lindstedtthe andappropriate Jodeh,legislative Amabile,officers Roberts,and Weissman,the Ball,Governor. Daugherty HOUSE SPONSORSHIP DuranandMcCluskie, Brooks,Brown,Froelich,Garcia,Nguyen,Smith,Story,Willford, Woodrow, McCormick, Rutinel, Sirota, Zokaie e n m 6 E n 0 U U , O i y H a a Senate Committees House Committees R M Business, Labor, & Technology Finance r d A BILL FOR AN ACT d e 2 C ONCERNINGTHEIMPOSITIONOFFEESBYPAYMENTCARDNETWORKS .
STo adetermine 2whether Uthe UGovernor 5has Hsigned gthe abill Billor Summarytaken dother Maction eon dit, (Note:please consult the legislative status sheet, the legislative history, or the Session Laws.
ThisSENATE summaryBILL applies26-134 toBYSENATOR(S)LindstedtandJodeh,Amabile,Roberts,Weissman,Ball, thisDaugherty; bill as introduced and does 2 notreflectanyamendmentsthatmaybesubsequentlyadopted.Ifthisbill passes third reading in the house of introduction, a bill summary that d applies to the reengrossed version of this bill will be available at e 6 http://leg.colorado.gov.) m 0 T n 2 N g 9 Thebillstatesthatapaymentcardnetwork,whichisanentitythat E i i S e p routesinformationanddataforelectronicpaymenttransactions,whether R A directly or indirectly, shall not:
ralso !REPRESENTATIVE(S) Establish,Duran charge,and orMcCluskie, includeBrooks, inBrown, aFroelich, feeGarcia, scheduleNguyen, anSmith, interchangeStory, feeWillford, if:Woodrow, McCormick, Rutinel, Sirota, Zokaie.
!C TheONCERNING interchangeTHE feeIMPOSITION isOF orFEES includesBY aPAYMENT percentageCARD iNETWORKS multiplied. by the gross dollar amount of a a e 2 transaction conducted with a debit card or credit T d 2 A n 7 E d l Shading denotes HOUSE amendment.
Double underlining denotes SENATE amendment.
S d p Capital letters or bold & italic numbers indicate new material to be added to existing law.n A Dashes through the words or numbers indicate deletions from existing law.
m A card;
and ! The fee does not exclude from the gross dollar amountofthetransactionanyamountattributableto a tax on the transaction;
or ! Increase the rate or amount of fees that applyto the nontax portionofatransactioninanattemptto,orinamannerthat would, circumvent the aforementioned prohibition.
Thebillexemptselectronicpaymenttransactionsinvolvingadebit card or credit card issued by a person, or agent of a person, that issues a debit card or credit card to a cardholder (issuer) that:
! Did not, during any point in the previous calendar year, hold consolidated worldwide banking and nonbanking assets, including assets of affiliates, other than trust assets under management, of more than $60 billion;
or ! As of February 1, 2026, had contracted to brand the card with the brand of a financial institution chartered or authorized to do business in this state that did not, during any point in the previous calendar year, hold consolidated worldwidebankingandnonbankingassets,includingassets of affiliates, other than trust assets under management, of more than $60 billion.
An issuer that satisfies either of these exemption descriptions must identify to a payment card network all of the issuer's debit cards and creditcardsthatareusedforexemptedtransactions,andthepaymentcard network shall not, whether directly or indirectly through an agent, contract, requirement, condition, penalty, technological specification, or inducement or otherwise:
! Denysuchacardaccesstotransactionprocessingsystems;
or ! Impose any fee increase or penalty on the issuer or on a financial institution branded on the card for any costs of upgrades or configurations to payment and processing systems that maybe necessaryto complywith the bill with respect to such cards.
A payment card network is deemed to be in compliance with the requirements of the bill if the payment card network satisfies certain conditions.
If a payment card network violates the bill's prohibitions, a merchant, consumer, or other person that is injured as a result of the violation maybring a civil action against the payment card network.
The bill sets forth the penalties to be awarded in such an action.
-2- 134 SECTION 1.
PaymentPaymentcardnetworks-interchangefees-prohibited card networks - interchange fees - prohibited conduct - exemption - compliance - penalties - use of savings -definitions.- definitions.
AAS USED IN THIS SECTI,UNLESSSECTION,UNLESS THE CONTEXT OTHERWISE REQUIRES :
(a) "A UTHORIZATION "MEANS" MEANS THE PROCESS THROUGH WHICH A MERCHANT REQUESTS APPROVAL FOR AN ELECTRONIC PAYMENT TRANSACTION________ FROMCapital ANletters ISSUERor .bold & italic numbers indicate new material added to existing law;
(b)dashes "BADthrough FAITHwords CONDUCTor "numbers MEANSindicate FRAUDULENTdeletions ,from WILLFUL,existing KNOWINGlaw ,ORand INTENTIONALsuch CONDUCTmaterial THATis CAUSESnot INJURYpart .of the act.
(c)TRANSACTION "CARDHOLDERFROM "MEANS A PERSON TO WHICH A DEBIT CARD OR CREDIT CARD IS ISSUED BY AN ISSUER OR AN ISSUS AGENT .
(d)(b) "CLEARANCE"BADFAITHCONDUCT "MEANS"MEANSFRAUDULENT THE,WILLFUL PROCESSKNOWING OF, :OR INTENTIONAL CONDUCT THAT CAUSES INJURY .
(I)(c) TRANSMITTINGFINALTRANSACTIONDATAFROMAMERCHANT"C TOARDHOLDER AN"MEANS ISSUERA FORPERSON POSTING TO WHICH A CARDHOLDER'SDEBIT ACCOUNTCARD ;ANDOR (II)CREDIT CALCULATINGFEESANDCHARGESCARD ,INCLUDINGINTERCHANGEIS FEES,THATISSUED APPLYBY TO AN ISSUER ANDOR AAN MERCHANTISSUERS .AGENT.
(e)(d) "DEBIT"C CARD"LEARANCE HAS"MEANS THE MEANINGSETPROCESS FORTHINOF 15U.S.C.:
(I) TRANSMITTINGFINALTRANSACTIONDATAFROMAMERCHANTTO AN ISSUER FOR POSTING TO A CARDHOLDER S ACCOUNT ;AND (II) CALCULATING FEES AND CHARGES ,INCLUDING INTERCHANGE FEES,THAT APPLY TO AN ISSUER AND A MERCHANT .
(e) "D EBIT CARD" HAS THE MEANING SET FORTH IN 15 U.S.C.
(f) "ELECTRONIC"E LECTRONIC PAYMENT TRANSACTION " OR "TRANSACTION " MEANSATRANSACTIONINWHICHAPERSONUSESADEBITCARDMEANS ,ACREDITA TRANSACTION IN WHICH A PERSON USES A DEBIT CARD ,ORANOTHERPAYMENT,A CREDIT CARD ,OR ANOTHER PAYMENT CODE ORDEVICEOR ISSUEDORAPPROVEDFORDEVICE ISSUED OR APPROVED FOR USE THROUGH A PAYMENT CARD NETWORK TO DEBIT A CARDHOLDER 'S ACCOUNT OR LINE OF CREDIT.CREDIT .
(g) "EXEMPTEDTRANSACTION"E "MEANSANELECTRONICPAYMENTXEMPTED -3-TRANSACTION 134"MEANS AN ELECTRONIC PAYMENT TRANSACTION INVOLVING A DEBIT CARD OR CREDIT CARD ISSUED BY AN ISSUER THAT:
(I) DDNOTDID ,DURINGANYPOINTINTHEPREVIOUSCALENDARYEARNOT,DURING ANY POINT IN THE PREVIOUS CALENDAR YEAR , HOLD CONSOLIDATED WORLDWIDE BANKING AND NONBANKING ASSETS , INCLUDING ASSETS OF AFFILIATE,OTHERAFFILIATES ,OTHER THAN TRUST ASSETS UNDER MANAGEMENT ,OF MORE THAN SIXTY BILLION DOLLARS;ORDOLLARS ;OR (II) AS OFFEBRUARYOF FEBRUARY 1, 2026,HAD CONTRACTED TO BRAND THE CARD WITH THE BRAND OF A FINANCIAL INSTITUTION CHARTERED OR AUTHORIZED TO DO BUSINESS IN THIS STATE THAT DID NOT ,DURING ANY POINTPOINTINTHEPREVIOUSCALENDARYEAR IN,HOLDCONSOLIDATEDWORLDWIDE THE PREVIOUS CALENDAR YEAR , HOLD CONSOLIDATED WORLDWIDE BANKING AND NONBANKING ASSETS ,INCLUDING, INCLUDING ASSETS OF AFFILIATES,OTHERAFFILIATES , OTHER THAN TRUST ASSETS UNDER MANAGEMENT ,OF MORE THAN SIXTY PAGE 2-SENATE BILL 26-134 BILLION DOLLARS.DOLLARS .
(h) "FEE"F EE SCHEDULE "MEANS" MEANS A SCHEDULE ,LIST,TABLE,CHART, LIS, TABLE ,CHART , AGREEMENT ,COMMUNICATION ,OR OTHER DOCUMENT THAT :
(I) STSFORTHANAMOUNTORAFORMULAFORDETERMININGONESETS FORTH AN AMOUNT OR A FORMULA FOR DETERMINING ONE OR MORE FEES;ANDFEES ;AND (II) MAY OR MAY NOT BE MADE PUBLICLY AVAILABLE.AVAILABLE .
(i) NTERCHANGEFEE"ITERCHANGE "MEANSAFEEESTABLISHEDFEE "MEANS A FEE ESTABLISHED ,CHARGED OR,OR RECEIVED BY A PAYMENT CARD NETWORK FOR THE PURPOSE OF COMPENSATING AN ISSUER FOR ITS INVOLVEMENT IN AN ELECTRONIC PAYMENT TRANSACTION .
(j) "ISUER"MEANS"ISUER "MEANS :
(I) A PERSON THAT ISSUES A DEBIT CARD OR CREDIT CARD TO A CARDHOLDER ;OR (II) THEHE AGENT OF A PERSON THAT ISSUES A DEBIT CARD OR CREDIT CARD TO A CARDHOLDER .
-4- 134 (k) "M ERCHANT "MEANS" MEANS A PERSON THAT ACCEPTS ELECTRONIC PAYMENT TRANSACTIONS AND COLLECTS AND REMITS A TAX .
Show all 76 changed lines (36 more)
(l) "PYMENT"PAYMENT CARD NETWORK "MEANS AN ENTITY THAT :
(I) DIRECTLY OR THROUGH LICENSED MEMBERS ,PROCESSORS,OR,PROCESSORS ,OR AGENTS ,PROVIDES THE PROPRIETARY SERVICES,INFRASTRUCTURESERVICES ,AND, INFRASTRUCTURE , AND SOFTWARE TO ROUTE INFORMATION AND DATA FOR THE PURPOSE OF CONDUCTING ELECTRONIC PAYMENT TRANSACTION AUTHORIZATION , CLEARANCE ,AND SETTLEMENT ;AND (II) AAMERCHANTUSESINORDERTOACCEPTADEBITCARD MERCHANT,ACREDIT USES IN ORDER TO ACCEPT A DEBIT CARD ,A, CREDITOR CARD ,OR OTHER DEVICE AS PART OF AN ELECTRONIC PAYMENT TRANSACTION .
(m) "PROCESSOR "MEANSANENTITYTHATFACILITATES"MEANS AN ENTITY THAT FACILITATES ,SERVICES, PROCESSES ,OR MANAGES DEBIT CARD OR CREDIT CARD AUTHORIZATION,AUTHORIZATION BILLING,, TRANSFER,PAGE PAYMENT3-SENATE PROCEDURESBILL ,OR26-134 SETTLEMENTBILLING,TRANSFER WITH,PAYMENTPROCEDURES RESPECT,ORSETTLEMENTWITHRESPECT TO AN ELECTRONIC PAYMENT TRANSACTION .
(n) "SETTLEMENT "MEANS" MEANS THE PROCESS OF:OF :
(I) TRANSMITTINGT RANSMITTING SALES INFORMATION TO AN ISSUER FOR COLLECTION AND REIMBURSEMENT OF FUNDS TO A MERCHANT ;AND (II) ALCULATINGANDREPORTINGANETTRANSACTIONAMOUNTALCULATINGANDREPORTINGANETTRANSACTIONAMOUNTTO TO AN ISSUER AND A MERCHANT FOR AN ELECTRONIC PAYMENT TRANSACTION THAT IS CLEARED.
(o) "TAX""T AX" MEANS ANY SALES ,USE,OCCUPATION, USE,OCCUPATION ,OR EXCISE TAX IMPOSED BY THE STATE OR A UNIT OFLOCALGOVERNMENTOF LOCAL GOVERNMENT IN THE STATE.STATE .
EEXCEPT XCEPT AS DESCRIBED ELSEWHERE IN THIS SECTIO,ASECTION ,A PAYMENT CARD NETWORK ,WHETHER, WHETHER DIRECTLY OR INDIRECTLY THROUGH AN AGENT , CONTRACT , REQUIREMENT , CONDITION,CONDITION , PENALTY , TECHNOLOGICAL -5- 134 SPECIFICATION,OR INDUCEMENT OR OTHERWISE ,SHALL NOT:NOT :
(a) EESTABLISH STABLISH,CHARGE,CHARGE ,,OR OR INCLUDE IN A FEE SCHEDULE AN INTERCHANGE FEE IF:
(I) THET HE INTERCHANGE FEE IS OR INCLUDES A PERCENTAGE MULTIPLIEDMULTIPLIEDBYTHEGROSSDOLLARAMOUNTOFATRANSACTIONCONDUCTED BY THE GROSS DOLLAR AMOUNT OF A TRANSACTION CONDUCTED WITH A DEBIT CARD OR CREDIT CARD;AND (II) THEHEFEEDOESNOTEXCLUDEFROMTHE FEEGROSSDOLLARAMOUNT DOESOF NOT EXCLUDE FROM THE GROSS DOLLAR AMOUNTOFTHETRANSACTIONANYAMOUNTATTRIBUTABLETOATAXON THE TRANSACTION ;ORANY (b) INCREASE THE RATE OR AMOUNT OFATTRIBUTABLE FEES THAT APPLY TO A PORTIONTAX OFON ATHE TRANSACTION OTHER; THAN THE PORTION DESCRIBED IN SUBSECTION (2)(a)(IOF THIS SECTION IN AN ATTEMPT TO ,OR IN A MANNER THAT WOULD , CIRCUMVENT THE PROHIBITION SET FORTH IN SUBSECTION (2)(a)OF THIS SECTIO.
OR (b) INCREASE THE RATE OR AMOUNT OF FEES THAT APPLY TO A PORTION OF A TRANSACTION OTHER THAN THE PORTION DESCRIBED IN SUBSECTION (2)(a)(IIOFTHISSECTIONINANATTEMPTTO ,ORINAMANNER THAT WOULD ,CIRCUMVENT THE PROHIBITION SET FORTH IN SUBSECTION (2)(a)OF THIS SECTIO.
PAGE 4-SENATE BILL 26-134 (a) SUBSECTION (2)(a)OF(2)(aOF THIS SECTION DOES NOT APPLY TO AN INTERCHANGE FEE THAT A PAYMENT CARD NETWORK ESTABLISHES , CHARGES ,ORINCLUDESINAFEESCHEDULESOLELYFORUSEINEXEMPTED,OR INCLUDES IN A FEE SCHEDULE SOLELY FOR USE IN EXEMPTED TRANSACTIONS .
(b) ANA N ISSUER THAT SATISFIES THE DESCRIPTION IN SUBSECTION (1)(g)(I)R(1)(g)(IOR(1)(g)(IIOFTHISSECTIONSHALLIDENTIFYTOAPAYMENTCARD (1)(g)(IOF THIS SECTION SHALL IDENTIFY TO A PAYMENT CARD NETWORK ALL OF THE ISSUERISSUERS 'S DEBIT CARDS AND CREDIT CARDS THATARETHAT USEDFOREXEMPTEDTRANSACTIONSARE ,ANDTHEPAYMENTCARDUSED FOR EXEMPTED TRANSACTIONS ,AND THE PAYMENT CARD NETWORK SHALL NOT WHETHER,WHETHER DIRECTLY OR INDIRECTLY THROUGH AN AGENT ,CONTRACT, ,REQUIREMENTCONTRACT CONDITION,PENALTY, REQUIREMENT , CONDITION, PENALTY , TECHNOLOGICAL SPECIFICATION,OR INDUCEMENT OR OTHERWISE :
(I) D ENY SUCH A CARD ACCESS TO TRANSACTION PROCESSING -6- 134 SYSTEMS ;OR (II) IOSEMPOSE ANY FEE INCREASE ORPENALTYONOR PENALTY ON THE ISSUER OR ON A FINANCIAL INSTITUTION BRANDED ON THE CARD FOR ANY COSTS OF UPGRADES OR CONFIGURATIONS TO PAYMENT AND PROCESSING SYSTEMS THAT MAYMAYBENECESSARYTOCOMPLYWITHTHISSECTIONWITHRESPECT BE NECESSARY TO COMPLY WITH THIS SECTION WITH RESPECT TO SUCH CARDS.CARDS .
(4) Compliance.ACompliance. PAYMENTCARDNETWORKISDEEMEDTOBEIN COMPLIANCE WITH SUBSECTION (2)(aOF THIS SECTION IF THE PAYMENT CARD NETWORK ENSURES ANY OF THE FOLLOWING :
(a)A ATPAYMENT THECARD TIMENETWORK OFIS SETTLEMENTDEEMED OFTO ANBE ELECTRONICIN PAYMENTCOMPLIANCE TRANSACTIONWITH ,SUBSECTION THAT(2)(a)OF THETHIS CALCULATIONSECTION OFIF ANY INTERCHANGE FEE EXCLUDES THE AMOUNTPAYMENT ATTRIBUTABLECARD TONETWORK ENSURES ANY TAXOF IMPOSED ON THE TRANSACTIONFOLLOWING ;:
(b)(a) WITHINA THIRTYT DAYS AFTER THE DATETIME OF SETTLEMENT OF AN ELECTRONIC PAYMENT TRANSACTION ,THAT, FORTHAT ANY INTERCHANGE FEE CHARGED ON THE TRANSACTIONCALCULATION ,A PORTION OF THEANY INTERCHANGE FEE ISEXCLUDES REBATED TO THE MERCHANT 'S ACCOUNT IN AN AMOUNT EQUAL TO THE REDUCTIONINTHEINTERCHANGEFEETHATWOULDHAVEOCCURREDHAD THECALCULATIONOFTHEINTERCHANGEFEEATTHETIMEOFSETTLEMENT EXCLUDED THE AMOUNT ATTRIBUTABLE TO ANY TAX IMPOSED ON THE TRANSACTION ;
(c)(b) IW AITHIN MERCHANTTHIRTY ISDAYS UNABLEAFTER TO CAPTURE AND TRANSMIT TAX INFORMATIONRELEVANTTOTHEELECTRONICPAYMENTTRANSACTIONAT THE TIMEDATE OF SETTLEMENT ,OF THATAN THEELECTRONIC MERCHANTPAYMENT MAYTRANSACTION ,,THAT WITHINFOR ONE HUNDRED EIGHTY DAYS AFTER THE DATE OF THE TRANSACTION,SUBMIT DOCUMENTATION IDENTIFYING ANY TAXINTERCHANGE IMPOSEDFEE CHARGED ON THE TRANSACTION AND,A THATPORTION ,OF WITHIN THIRTY DAYS AFTER THE SUBMISSIONINTERCHANGE OFFEE SUCHIS -7-REBATED 134TO DOCUMENTATIONTHE ,THE MERCHANT 'S ACCOUNT SHALLIN BE CREDITED AN AMOUNT EQUAL TO THE REDUCTION IN THE INTERCHANGE FEE THAT WOULD HAVE OCCURRED HAD THE CALCULATION OF THE INTERCHANGE FEEATTHETIMEOFSETTLEMENTEXCLUDEDTHEAMOUNTATTRIBUTABLEFEE AT THE TIME OF SETTLEMENT EXCLUDED THE AMOUNT ATTRIBUTABLE TO ANY TAX IMPOSED ON THE TRANSACTION;TRANSACTION ;
(d)PAGE T5-SENATE HATBILL NO26-134 INTERCHANGE(c) FEEIF ESTABLISHEDA ,CHARGEDMERCHANT ,IS ORUNABLE INCLUDEDTO INCAPTURE AAND FEETRANSMIT SCHEDULETAX BYINFORMATION THERELEVANT PAYMENTTO CARDTHE NETWORKELECTRONIC ISPAYMENT OR INCLUDESAPERCENTAGEMULTIPLIEDBYTHEGROSSDOLLARAMOUNTOF A TRANSACTION UNLESSAT THE AMOUNTTIME OF ANYSETTLEMENT TAX, ISTHAT EXCLUDEDTHE FROMMERCHANT SUCHMAY GROSS, DOLLARWITHIN AMOUNTONE ;ORHUNDRED (e)EIGHTY THATDAYS NOAFTER INTERCHANGETHE FEESDATE ESTABLISHEDOF ,CHARGEDTHE ,ORTRANSACTION INCLUDED,SUBMIT INDOCUMENTATIONIDENTIFYINGANYTAXIMPOSEDONTHETRANSACTIONAND ATHAT FEE, SCHEDULEWITHIN BYTHIRTY THEDAYS PAYMENTAFTER CARDTHE NETWORKSUBMISSION AREOF DEDUCTEDSUCH BEFOREDOCUMENTATION SETTLEMENT, FROM THE TRANSACTIONMERCHANT AMOUNTS OFACCOUNT ANYELECTRONICPAYMENTTRANSACTIONANDTHATSUCHINTERCHANGESHALL FEESBE ARECREDITED INSTEADAN CUMULATIVELYAMOUNTEQUALTOTHE CHARGEDREDUCTIONINTHE ONINTERCHANGE AFEETHATWOULD REGULARHAVE BILLINGOCCURRED CYCLEHAD AFTERTHE TRANSACTIONSCALCULATION HAVEOF SETTLEDTHE ANDINTERCHANGE AFTERFEE ALLAT TAXTHE AMOUNTSTIME HAVEOF BEENSETTLEMENT IDENTIFIEDEXCLUDED ANDTHE EXCLUDEDAMOUNT FROMATTRIBUTABLE TRANSACTIONTO AMOUNTSANY INTAX THEIMPOSED CALCULATIONON OFTHE INTERCHANGETRANSACTION FEES.;
(d) THAT NO INTERCHANGE FEE ESTABLISHED ,CHARGED ,OR INCLUDED IN A FEE SCHEDULE BY THE PAYMENT CARD NETWORK IS OR INCLUDESAPERCENTAGE MULTIPLIEDBYTHEGROSSDOLLARAMOUNT OFA TRANSACTION UNLESS THE AMOUNT OF ANY TAX IS EXCLUDED FROM SUCH GROSS DOLLAR AMOUNT ;OR (e) THAT NO INTERCHANGE FEES ESTABLISHED ,CHARGED ,OR INCLUDED IN A FEE SCHEDULE BY THE PAYMENT CARD NETWORK ARE DEDUCTED BEFORE SETTLEMENT FROM THE TRANSACTION AMOUNT OFANY ELECTRONIC PAYMENT TRANSACTION AND THAT SUCH INTERCHANGE FEES ARE INSTEAD CUMULATIVELY CHARGED ON A REGULAR BILLING CYCLE AFTER TRANSACTIONS HAVE SETTLED AND AFTER ALL TAX AMOUNTS HAVE BEEN IDENTIFIED AND EXCLUDED FROM TRANSACTION AMOUNTS IN THE CALCULATION OF INTERCHANGE FEES .
(a) IIA A PAYMENT CARD NETWORK VIOLATES SUBSECTION (2)OR (3)OF(3) OF THIS SECTIO,ASECTION,A MERCHANT ,CONSUMER ,OR, OR OTHER PERSON THAT IS INJURED AS A RESULT OF THE VIOLATION MAY BRING A CIVIL ACTION AGAINST THE PAYMENT CARD NETWORK .
XCEPT IN A CERTIFIED CLASS ACTION, AND NOTWITHSTANDING ANY OTHER LAW ,A PAYMENT CARD NETWORK THAT IS FOUND IN A CIVIL ACTION TO HAVE VIOLATED THIS SECTION IS LIABLE IN AN AMOUNT EQUAL TO THE SUM:OFSUM OF (I) TETHE GREATER OF:
-8- 134 (A) T HE AMOUNT OF ACTUAL DAMAGES SUSTAINED OR ,IF IT IS PAGE 6-SENATE BILL 26-134 ESTABLISHED BY CLEAR AND CONVINCING EVIDENCE THAT THE PAYMENT CARD NETWORK ENGAGED IN BAD FAITH CONDUCT ,,THREE THREE TIMES THE AMOUNTAMOUNTOFACTUALDAMAGES OF.A ACTUALCTUALDAMAGESINCLUDESPREJUDGMENT DAMAGESINTERESTOFEITHEREIGHTPERCENTPERYEARORATTHERATEPROVIDEDIN SECTION 13-21-101,WHICHEVER IS GREATER , FROM THE DATE THE CLAIM ACCRUED .
ACTUAL(B) DAMAGESFIVE INCLUDESHUNDRED PREJUDGMENTDOLLARS INTEREST;AND OF(II) EITHERIN EIGHTTHE PERCENTCASE PEROF YEARANY ORSUCCESSFUL ATACTION THETO RATEENFORCE PROVIDEDA LIABILITY ESTABLISHED IN SECTION13-21-101,WHICHEVERSUBSECTION IS(5)(a)(IOF GREATERTHIS ,FROMSECTION,THE COSTS OF THE DATEACTION TOGETHER WITH REASONABLE ATTORNEY FEES AS DETERMINED BY THE CLAIMCOURT ACCRUED..
(B)(b) FIVEIN HUNDREDA DOLLARSCASE ;ANDCERTIFIED (II)AS IA THECLASS CASEACTION OF, ANYA SUCCESSFUL ACTIONPLAINTIFFMAY TORECOVER ENFORCEACTUAL ADAMAGES LIABILITY,AS ESTABLISHEDDESCRIBED IN SUBSECTION(5)(a)(OFSUBSECTION (5)(a)(I)(AOF THIS SECTIO,SECTION;INJUNCTIVE THERELIEF COSTSALLOWED OFBY THELAW ACTION;AND TOGETHER WITH REASONABLE ATTORNEY FEES ASAND DETERMINEDCOSTS BY THE COURT .
(b)(c) APERSONTHATBRINGSANACTIONUNDERTHISSECTIONTHATIS FOUND BY THE COURT TO BE FRIVOLOUS ,GROUNDLESS , AND BROUGHT IN ABAD CASEFAITH CERTIFIEDOR ASFOR ATHE CLASSPURPOSE ACTION,AOF SUCCESSFULHARASSMENT PLAINTIFFMAYRECOVERACTUALDAMAGESIS ,ASDESCRIBEDINSUBSECTIONLIABLE (5)(a)(I)(A)FTHISSECTION;INJUNCTIVETO RELIEFALLOWEDBYLAWTHE ;ANDDEFENDANT FOR THE COSTS OF THE ACTION TOGETHER WITH REASONABLE ATTORNEY FEES ANDAS COSTSDETERMINED BY THE COURT .
(c) APERSONTHAT BRINGSANACTIONUNDERTHISSECTIONTHAT IS FOUND BY THE COURT TO BE FRIVOLOU,GROUNDLESS ,AND BROUGHT IN BAD FAITH OR FOR THE PURPOSE OF HARASSMENT IS LIABLE TO THE DEFENDANTFORTHECOSTSOFTHEACTIONTOGETHERWITHREASONABLE ATTORNEY FEES AS DETERMINED BY THE COURT.
NTHINGNOTHING IN THIS SECTION LIMITS OR OTHERWISE AFFECTS THE ATTORNEYGENERALATTORNEY SAUTHORITYGENERAL S AUTHORITY TO ENFORCE THE "COLORADO STATEASTATE A NTITRUST ACTA OF2023",ARTICLE4CT OFTITLE6.OF2023",ARTICLE 4 OF TITLE6.
(7) UseUseofsavings.F ofORTHE savings.2026-27 STATEFISCALYEARANDEACH STATEFISCALYEARTHEREAFTER ,ARETAILBUSINESSTHATHASMORETHAN FIVE HUNDRED EMPLOYEES STATEWIDE ON THE EFFECTIVE DATE OF THIS SECTION SHALL APPLY ANY SAVINGS RESULTING FROM THIS SECTION TO REDUCING PRICES FOR CONSUMERS OR INVESTING IN EMPLOYEE WAGES OR BENEFITS.
F(8) FOR THE 2026-27PURPOSES STATEOF FISCALSUBSECTION YEAR(7)OF ANDTHIS EACHSECTION,THE STATEFIVE-HUNDRED FISCAL-EMPLOYEE YEARTHRESHOLD THEREAFTERDESCRIBED ,AIN RETAILSUBSECTION BUSINESS(7) THATOF HASTHISSECTIONISBASEDONARETAILBUSINESS MORE'SPARENTCOMPANYANDNOT THAN FIVE HUNDRED EMPLOYEES STATEWIDE ON THEA EFFECTIVESINGLE -9-LOCATION 134 DATE OF THISTHE SECTIONPARENT SHALLCOMPANY APPLY ANY SAVINGS RESULTING FROM THIS SECTION TO REDUCING PRICES FOR CONSUMERS OR INVESTING IN EMPLOYEE WAGES OR BENEFITS .
(8)PAGE FOR7-SENATE THEBILL PURPOSES26-134 OF SUBSECTION (7)OF THIS SECTION,THE FIVEHUNDRED -EMPLOYEE THRESHOLD DESCRIBED IN SUBSECTION (7)OF THIS SECTION IS2. BASED ON A RETAIL BUSINESS PARENT COMPANY AND NOT ON A SINGLE LOCATION OF THE PARENT COMPANY .
SECTION 2.
except that, if a referendumreferendumpetitionisfiledpursuanttosection1(3)ofarticleVofthestate petition is filed pursuant to section 1 (3) of article V of the state constitution against this act or an item,item,section,orpartof section,thisactwithinthe orninety-dayperiod part of this act within the ninety-day period after final adjournment of the general assembly, then the act, item, section, or part will not take effect unless approved bybythe the people at the general election to be held in November 2026 and, in such case, will PAGE 8-SENATE BILL 26-134 take effect January1,January 1, 2028, or on the date of the official declaration of the vote thereon bytheby the governor, whichever is later.
(2) ThisactappliestoconductoccurringonoraftertheapplicableThis act applies to conduct occurring on or after the applicable effective date of this actact. .
-10-____________________________ 134____________________________ James Rashad Coleman, Sr.
Julie McCluskie PRESIDENT OF SPEAKER OF THE HOUSE THE SENATE OF REPRESENTATIVES ____________________________ ____________________________ Esther van Mourik Vanessa Reilly SECRETARY OF CHIEF CLERK OF THE HOUSE THE SENATE OF REPRESENTATIVES APPROVED________________________________________ (Date and Time) _________________________________________ Jared S.
Polis GOVERNOR OF THE STATE OF COLORADO PAGE 9-SENATE BILL 26-134
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Action History
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Governor Vetoed
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Signed by the President of the Senate
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Signed by the Speaker of the House
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Sent to the Governor
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House Third Reading Passed - No Amendments
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House Second Reading Special Order - Passed - No Amendments
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House Committee on Finance Refer Unamended to House Committee of the Whole
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Introduced In House - Assigned to Finance
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Senate Third Reading Passed - No Amendments
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Senate Third Reading Laid Over Daily - No Amendments
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Senate Second Reading Passed with Amendments - Floor
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Senate Second Reading Laid Over to 04/27/2026 - No Amendments
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Senate Second Reading Laid Over to 04/24/2026 - No Amendments
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Senate Second Reading Laid Over to 04/20/2026 - No Amendments
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Senate Second Reading Laid Over to 04/17/2026 - No Amendments
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Senate Second Reading Laid Over to 04/13/2026 - No Amendments
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Senate Second Reading Laid Over to 04/10/2026 - No Amendments
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Senate Second Reading Laid Over to 04/09/2026 - No Amendments
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Senate Second Reading Laid Over to 04/08/2026 - No Amendments
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Senate Second Reading Laid Over to 04/07/2026 - No Amendments
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Senate Second Reading Laid Over to 04/06/2026 - No Amendments
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Senate Second Reading Laid Over to 04/02/2026 - No Amendments
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Senate Second Reading Laid Over to 04/01/2026 - No Amendments
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Senate Second Reading Laid Over to 03/31/2026 - No Amendments
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Senate Second Reading Laid Over to 03/30/2026 - No Amendments
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Senate Second Reading Laid Over to 03/26/2026 - No Amendments
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Senate Second Reading Laid Over to 03/25/2026 - No Amendments
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Senate Second Reading Laid Over to 03/24/2026 - No Amendments
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Senate Second Reading Laid Over to 03/23/2026 - No Amendments
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Senate Second Reading Laid Over to 03/20/2026 - No Amendments
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Senate Second Reading Laid Over to 03/19/2026 - No Amendments
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Senate Second Reading Laid Over to 03/18/2026 - No Amendments
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Senate Second Reading Laid Over to 03/17/2026 - No Amendments
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Senate Committee on Business, Labor, & Technology Refer Unamended to Senate Committee of the Whole
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Introduced In Senate - Assigned to Business, Labor, & Technology
Sponsors
- Y. Zokaie · Cosponsor
- E. Sirota · Cosponsor
- M. Rutinel · Cosponsor
- K. McCormick · Cosponsor
- S. Woodrow · Primary
- J. Willford · Primary
- T. Story · Primary
- L. Smith · Primary
- K. Nguyen · Primary
- L. García · Primary
- M. Froelich · Primary
- K. Brown · Primary
- M. Brooks · Primary
- J. McCluskie · Primary
- M. Duran · Primary
- Iman Jodeh · Primary
- William Lindstedt · Primary
- Judy Amabile · Primary
- Dylan Roberts · Primary
- Matt Ball · Cosponsor
- Lindsey Daugherty · Cosponsor
- Mike Weissman · Primary
Sponsorship breakdown
Export CSV (upgrade) →16 sponsors · 6 co-sponsors · 79 not signed on · 22 voted No
Sponsors (16)
- S. Woodrow
- J. Willford
- T. Story
- L. Smith
- K. Nguyen
- L. García
- M. Froelich
- K. Brown
- M. Brooks
- J. McCluskie
- M. Duran
- Iman Jodeh Democrat Voted No
- William Lindstedt Democrat Voted No
- Judy Amabile Democrat
- Dylan Roberts Democrat
- Mike Weissman Democrat
Co-sponsors (6)
- Y. Zokaie
- E. Sirota
- M. Rutinel
- K. McCormick
- Matt Ball Democrat
- Lindsey Daugherty Democrat
Not signed on (79)
79 members have not signed on to this bill.
Show all 79 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democrat | 36 | 5 | 0 | 0 |
| Republican | 5 | 13 | 0 | 1 |
| Unaffiliated | 3 | 2 | 0 | 0 |
| Total | 44 | 20 | 0 | 1 |
| % of votes cast | 68% | 31% | 0% | 2% |
How each member voted (65)
| Member | Party | Vote |
|---|---|---|
| Gonzalez R. | — | Yea |
| Stewart K. | — | Yea |
| Stewart R. | — | Yea |
| Winter T. | — | Nay |
| Garcia Sander | — | Nay |
| Alex Valdez | Democrat | Yea |
| Amy Paschal | Democrat | Yea |
| Andrew Boesenecker | Democrat | Yea |
| Bob Marshall | Democrat | Nay |
| Brianna Titone | Democrat | Yea |
| Cecelia Espenoza | Democrat | Nay |
| Chad Clifford | Democrat | Yea |
| Eliza Hamrick | Democrat | Yea |
| Elizabeth Velasco | Democrat | Yea |
| Emily Sirota | Democrat | Yea |
| Gretchen Rydin | Democrat | Yea |
| Jacque Phillips | Democrat | Yea |
| Jamie Jackson | Democrat | Yea |
| Javier Mabrey | Democrat | Yea |
| Jennifer Bacon | Democrat | Yea |
| Jenny Willford | Democrat | Yea |
| Julie McCluskie | Democrat | Yea |
| Junie Joseph | Democrat | Yea |
| Karen McCormick | Democrat | Yea |
| Kenny Nguyen | Democrat | Yea |
| Kyle Brown | Democrat | Yea |
| Lesley Smith | Democrat | Yea |
| Lindsay Gilchrist | Democrat | Yea |
| Lisa Feret | Democrat | Yea |
| Lorena Garcia | Democrat | Yea |
| Lori Goldstein | Democrat | Yea |
| Mandy Lindsay | Democrat | Yea |
| Manny Rutinel | Democrat | Yea |
| Matthew Martinez | Democrat | Yea |
| Meg Froelich | Democrat | Yea |
| Meghan Lukens | Democrat | Yea |
| Michael Carter | Democrat | Nay |
| Monica Duran | Democrat | Yea |
| Naquetta Ricks | Democrat | Nay |
| Regina English | Democrat | Yea |
| Sean Camacho | Democrat | Nay |
| Sheila Lieder | Democrat | Yea |
| Steven Woodrow | Democrat | Yea |
| Tammy Story | Democrat | Yea |
| Tisha Mauro | Democrat | Yea |
| Yara Zokaie | Democrat | Yea |
| Anthony Hartsook | Republican | Nay |
| Ava Flanell | Republican | Nay |
| Brandi Bradley | Republican | Yea |
| Carlos Barron | Republican | Nay |
| Chris Richardson | Republican | Nay |
| Dan Woog | Republican | Nay |
| Dusty Johnson | Republican | Nay |
| Jarvis Caldwell | Republican | Nay |
| Ken DeGraaf | Republican | Nay |
| Larry Don Suckla | Republican | Yea |
| Mary Bradfield | Republican | Nay |
| Matt Soper | Republican | Nay |
| Max Brooks | Republican | Yea |
| Rebecca Keltie | Republican | Nay |
| Rick Taggart | Republican | Yea |
| Ron Weinberg | Republican | Yea |
| Scott Bottoms | Republican | Not Voting |
| Scott Slaugh | Republican | Nay |
| Stephanie Luck | Republican | Nay |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Republican | 2 | 2 | 0 | 0 |
| Democrat | 5 | 2 | 0 | 0 |
| Total | 7 | 4 | 0 | 0 |
| % of votes cast | 64% | 36% | 0% | 0% |
How each member voted (11)
| Member | Party | Vote |
|---|---|---|
| Bob Marshall | Democrat | Nay |
| Brianna Titone | Democrat | Yea |
| Lorena Garcia | Democrat | Yea |
| Rebekah Stewart | Democrat | Yea |
| Sean Camacho | Democrat | Nay |
| Steven Woodrow | Democrat | Yea |
| Yara Zokaie | Democrat | Yea |
| Anthony Hartsook | Republican | Nay |
| Ken DeGraaf | Republican | Nay |
| Max Brooks | Republican | Yea |
| Ryan Gonzalez | Republican | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Republican | 2 | 0 | 0 | 0 |
| Democrat | 0 | 3 | 0 | 0 |
| Total | 2 | 3 | 0 | 0 |
| % of votes cast | 40% | 60% | 0% | 0% |
How each member voted (5)
| Member | Party | Vote |
|---|---|---|
| Iman Jodeh | Democrat | Nay |
| Jessie Danielson | Democrat | Nay |
| William Lindstedt | Democrat | Nay |
| Larry Liston | Republican | Yea |
| Marc Catlin | Republican | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Republican | 0 | 2 | 0 | 0 |
| Democrat | 3 | 0 | 0 | 0 |
| Total | 3 | 2 | 0 | 0 |
| % of votes cast | 60% | 40% | 0% | 0% |
How each member voted (5)
| Member | Party | Vote |
|---|---|---|
| Iman Jodeh | Democrat | Yea |
| Jessie Danielson | Democrat | Yea |
| William Lindstedt | Democrat | Yea |
| Larry Liston | Republican | Nay |
| Marc Catlin | Republican | Nay |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Republican | 2 | 0 | 0 | 0 |
| Democrat | 0 | 3 | 0 | 0 |
| Total | 2 | 3 | 0 | 0 |
| % of votes cast | 40% | 60% | 0% | 0% |
How each member voted (5)
| Member | Party | Vote |
|---|---|---|
| Iman Jodeh | Democrat | Nay |
| Jessie Danielson | Democrat | Nay |
| William Lindstedt | Democrat | Nay |
| Larry Liston | Republican | Yea |
| Marc Catlin | Republican | Yea |
Subjects
Frequently asked questions
- What does SB 134 do?
- An interchange fee is a fee established, charged, or received by a payment card network for the purpose of compensating an issuer for its involvement in an electronic payment transaction. The act states that a payment card network shall not, whether directly or indirectly:Establish, charge, or include in a fee schedule an interchange fee if:The interchange fee is or includes a percentage multiplied by the gross dollar amount of a transaction conducted with a debit card or credit card; andThe fee does not exclude from the gross dollar amount of the transaction any amount attributable to a tax on the transaction; orIncrease the rate or amount of fees that apply to the nontax portion of a transaction in an attempt to, or in a manner that would, circumvent the prohibition on interchange fees established by the act. The act exempts electronic payment transactions involving a debit card or credit card issued by a person, or agent of a person, that issues a debit card or credit card to a cardholder (issuer) that:Did not, during any point in the previous calendar year, hold consolidated worldwide banking and nonbanking assets, including assets of affiliates, other than trust assets under management, of more than $60 billion; orAs of February 1, 2026, had contracted to brand the card with the brand of a financial institution chartered or authorized to do business in this state that did not, during any point in the previous calendar year, hold consolidated worldwide banking and nonbanking assets, including assets of affiliates, other than trust assets under management, of more than $60 billion.An issuer that satisfies either of these exemption descriptions must identify to a payment card network all of the issuer's debit cards and credit cards that are used for exempted transactions. The payment card network shall not, whether directly or indirectly through an agent, contract, requirement, condition, penalty, technological specification, or inducement or otherwise:Deny such a card access to transaction processing systems; orImpose any fee increase or penalty on the issuer or on a financial institution branded on the card for any costs of upgrades or configurations to payment and processing systems that may be necessary to comply with the act with respect to such cards. If a payment card network violates the act's prohibitions, a merchant, consumer, or other person that is injured as a result of the violation may bring a civil action against the payment card network. The act sets forth the penalties to be awarded in such an action. For the 2026-27 state fiscal year and each state fiscal year thereafter, the act requires each retail business that has more than 500 employees statewide on the effective date of the act to apply any savings resulting from the act to reducing prices for consumers or investing in employee wages or benefits.(Note: This summary applies to this bill as enacted.)
- Who sponsors SB 134?
- SB 134 is sponsored by Y. Zokaie, E. Sirota, M. Rutinel, K. McCormick, S. Woodrow, J. Willford, T. Story, L. Smith, K. Nguyen, L. García, M. Froelich, K. Brown, M. Brooks, J. McCluskie, M. Duran, Iman Jodeh (Democrat), William Lindstedt (Democrat), Judy Amabile (Democrat), Dylan Roberts (Democrat), Matt Ball (Democrat), Lindsey Daugherty (Democrat), and Mike Weissman (Democrat).
- What is the current status of SB 134?
- This bill has been enacted into law. Introduced March 04, 2026. Enacted.
- Where can I track SB 134?
- Track SB 134 free on One Click Politics — get push/email alerts when it moves.
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