Pennsylvania SB1202 prohibits certain fee practices by payment card networks and imposes penalties.

Pennsylvania SB1202 amends Title 72 of the Pennsylvania Consolidated Statutes to prohibit payment card networks from establishing interchange fees that include a percentage of the gross dollar amount of a transaction without crediting the merchant or seller's settlement account. It also prohibits increasing fees to circumvent tax regulations and charging fees related to disputed transactions. The bill mandates that payment card networks either deduct tax amounts from interchange fees or rebate the tax amount to merchants or sellers.

Pennsylvania SB1202 prohibits certain fee practices by payment card networks and imposes penalties.

Pennsylvania SB1202 amends Title 72 of the Pennsylvania Consolidated Statutes to prohibit payment card networks from establishing interchange fees that include a percentage of the gross dollar amount of a transaction without crediting the merchant or seller's settlement account. It also prohibits increasing fees to circumvent tax regulations and charging fees related to disputed transactions. The bill mandates that payment card networks either deduct tax amounts from interchange fees or rebate the tax amount to merchants or sellers.