Bill > SB2102

This bill, effective November 1, 2026, aims to regulate credit card transaction fees and practices for large credit card issuers (those with over $85 billion in consolidated assets) and payment card networks. It prohibits these entities from fixing or conspiring to fix "swipe fees," which are the combined interchange fees (paid to the credit card issuer to compensate them for their involvement in a transaction) and assessment fees (paid to the payment card network for allowing the transaction). The bill also prevents issuers and networks from charging fees for disputed transactions unless the cardholder or merchant is found responsible and notified in writing, and prohibits them from penalizing merchants who offer discounts for customers using cash, debit cards, or gift cards instead of credit cards. Additionally, credit card issuers must clearly disclose the amount of any swipe fees charged to cardholders on their monthly statements, and payment card networks must disclose the rate and total amount of swipe fees and other charges to merchants at least 45 days after the transaction. The Attorney General is empowered to enforce these provisions, including investigating violations and imposing significant civil penalties, with fines varying based on the size of the entity, and can also file lawsuits to prevent or stop violations.