Bill > HB476

This bill introduces the Price Fixing Prohibition, Consumer Transparency and Tax Fairness Act, which establishes comprehensive regulations for electronic payment transactions, particularly focusing on credit card networks and issuers. The bill defines numerous terms related to electronic payments and sets forth several key prohibitions: payment card networks and covered credit card issuers are barred from fixing interchange fees, requiring merchants to accept specific credit cards, or imposing penalties on merchants for how they set prices. The legislation mandates that credit card issuers must disclose interchange fees on monthly statements and prohibits charging fees for disputed transactions without proper documentation. A significant provision prevents interchange fees from being charged on tax and gratuity amounts during electronic transactions, requiring merchants to provide specific tax and gratuity data during transaction processing. The bill empowers the attorney general to seek injunctive relief and impose civil penalties for violations, with penalties of $1,000 per transaction for certain infractions. Additionally, the bill restricts how transaction data can be used, limiting distribution to specific purposes such as fraud prevention, loyalty programs, and legal requirements. The legislation aims to increase transparency, fairness, and consumer protection in electronic payment systems while preventing anti-competitive practices in the financial transaction ecosystem.

Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=476&year=25