Massachusetts S205 prohibits price-fixing and mandates transparency for credit card interchange fees.
Massachusetts S205 aims to prohibit price-fixing among credit card issuers and payment card networks, and to ensure consumer transparency regarding interchange fees. The bill outlaws any agreement to fix interchange fees, and it mandates that merchants inform acquirer banks of tax or gratuity amounts during electronic payment transactions. Issuers, payment card networks, acquirer banks, and processors are prohibited from charging interchange fees on tax or gratuity amounts if the merchant provides the necessary tax or gratuity data.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.