Bill
LC 2811
Overview: Bill Number: LC 2811, Title: Revise card transaction fee laws, Status: (LC) Draft Died in Process, Introduced: December 11, 2024Purpose and Intent: The primary goal of th
Overview: Bill Number: LC 2811, Title: Revise card transaction fee laws, Status: (LC) Draft Died in Process, Introduced: December 11, 2024
Purpose and Intent: The primary goal of this bill is to reform the laws governing credit and debit card transaction fees, with the aim of reducing costs for businesses and consumers.
Key Provisions:
- Caps the interchange fees that card networks (e.g., Visa, Mastercard) can charge merchants for each transaction
- Prohibits card networks from imposing restrictions on merchants' ability to offer discounts or incentives for cash or other payment methods
- Requires card networks to provide merchants with detailed fee information and the ability to dispute unauthorized or excessive charges
Affected Parties and Impacts:
- Merchants, including small businesses, would benefit from reduced transaction fees and greater flexibility in payment options
- Consumers may see some savings passed on from merchants, but could also face potential changes in pricing or rewards programs
- Card networks and issuing banks would likely see a reduction in revenue from the fee caps and other restrictions
Procedural and Timeline Considerations:
This bill is currently in the draft stage and has not been formally introduced in the legislature. If introduced, it would need to go through the full legislative process, including committee hearings and votes in both chambers, before potentially being signed into law.
Compiled from official sources — confirm details with the bill’s official record.
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