Bill > HB431

This bill introduces new regulations for payment card networks regarding interchange fees charged to retailers in Georgia. The bill defines several key terms, including credit or debit card transactions, interchange fees, payment card networks, and retailers. The main provisions require that payment card networks cannot apply interchange fees based on an amount greater than the goods and services consumer purchase price, and must either exclude taxes from interchange fee calculations or provide quarterly refunds for fees attributable to taxes. If a retailer does not capture or transmit taxes at the time of sale, the payment card network must still provide a refund upon receiving proof of tax collection. The bill imposes a civil penalty for willful violations, which includes the total interchange fees paid on taxes plus an additional 10 percent. Additionally, the bill prohibits manipulating interchange fees by increasing rates or attempting to circumvent the law's intent. The legislation aims to reduce the financial burden on retailers by ensuring that interchange fees are calculated more fairly and do not include taxes in their base calculation.

Business and Industry

https://www.legis.ga.gov/legislation/70281