HB 1493 — Payment card network interchange fees.

1 sponsors · 0 co-sponsors · 149 not signed on

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Frequently asked questions

What does HB 1493 do?

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.

Who sponsors HB 1493?

HB 1493 is sponsored by Steve Bartels (Republican).

What is the current status of HB 1493?

This bill died with 2021 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

Where can I track HB 1493?

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