Bill > H4614

This bill introduces the Chargeback Fairness and Transparency Act, which aims to protect merchants and consumers during credit or debit card transaction disputes, known as chargebacks. Specifically, the bill prohibits financial institutions from charging fees to merchants or consumers during a chargeback dispute until the dispute is fully resolved. When a dispute occurs, the financial institution must provide written notice to the involved parties, which must include a detailed explanation of the dispute, supporting evidence, and information about the appeals process. The Department of Consumer Affairs will be responsible for overseeing the implementation of this law and ensuring that financial institutions comply with the new requirements. The bill defines a "chargeback dispute" as any disagreement over a debit or credit card transaction, and it will take effect immediately upon receiving the Governor's approval.

Business and Industry

https://www.scstatehouse.gov/billsearch.php?billnumbers=4614&session=126&summary=B