New Jersey A5008 prohibits certain credit and debit card interchange fees.

New Jersey A5008 establishes limitations on payment card networks' ability to implement interchange fees. The bill prohibits these networks from charging fees that include a percentage of the gross dollar amount of a transaction or that do not exclude taxes or gratuities from the gross dollar amount. Payment card networks must either exclude taxes or gratuities from the calculation of interchange fees at the time of settlement or rebate the fee amount within 30 days.

New Jersey A5008 prohibits certain credit and debit card interchange fees.

New Jersey A5008 establishes limitations on payment card networks' ability to implement interchange fees. The bill prohibits these networks from charging fees that include a percentage of the gross dollar amount of a transaction or that do not exclude taxes or gratuities from the gross dollar amount. Payment card networks must either exclude taxes or gratuities from the calculation of interchange fees at the time of settlement or rebate the fee amount within 30 days.