summary
Introduced
01/22/2019
01/22/2019
In Committee
05/07/2020
05/07/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
For legislation relative to credit and debit cards. Financial Services.
AI Summary
This bill aims to regulate credit and debit card transactions in Massachusetts. It defines key terms like "acquiring bank," "chargeback," "debit card," "financial institution," "interchange fee," "issuing bank," and "merchant account." The bill requires financial institutions to provide merchants with access to their full set of rules and rates, notify merchants of any changes, and prohibit merchants from being forced to agree not to disclose the rules or rates. Merchants who do not receive the required information will not be liable for chargebacks or fees, and the issuing bank or credit card company will face a civil penalty. The bill also allows merchants to take legal action if their rights under this act are violated.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (2)
Last Action
Bill reported favorably by committee and referred to the committee on Senate Ways and Means (on 05/07/2020)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/191/S642 |
| Bill | https://malegislature.gov/Bills/191/S642.pdf |
Loading...