Enacts the "interchange fee prohibition act"; prohibits interchange fees on tax or gratuity amounts in electronic payment transactions if the.

The bill enacts the "interchange fee prohibition act" which prohibits the receipt or charge of interchange fees on the tax amount or gratuity of an electronic payment transaction if the merchant informs the acquirer bank or its designee of the tax or gratuity amount as part of the authorization or settlement process for the electronic payment transaction. It establishes penalties for violations and outlines the process for merchants to submit tax documentation if they fail to transmit the tax or gratuity amount data.

Enacts the "interchange fee prohibition act"; prohibits interchange fees on tax or gratuity amounts in electronic payment transactions if the.

The bill enacts the "interchange fee prohibition act" which prohibits the receipt or charge of interchange fees on the tax amount or gratuity of an electronic payment transaction if the merchant informs the acquirer bank or its designee of the tax or gratuity amount as part of the authorization or settlement process for the electronic payment transaction. It establishes penalties for violations and outlines the process for merchants to submit tax documentation if they fail to transmit the tax or gratuity amount data.