SB 105

This bill prohibits a depository institution, such as a bank, savings and loan

association, or credit union, or another processor of payment cards, which include

credit cards and certain debit cards and gift cards, from entering into an agreement

with a merchant related to acquiring or processing payment card transactions unless

the depository institution or other processor provides the merchant with a complete

schedule of all service and transaction fees and rates applicable to the merchant's

transactions and a copy of all payment card association rules, regulations, and

bylaws applicable to the merchant's transactions. A similar prohibition is imposed

on payment card issuers that own or operate their own payment card processing

network. A depository institution, other payment card processor, or payment card

issuer that violates this prohibition may not charge back to the merchant any

reversed transaction of the merchant. A depository institution, other payment card

processor, or payment card issuer that willfully and knowingly violates either of

these prohibitions may be fined not more than $2,000.

Because this bill creates a new crime or revises a penalty for an existing crime,

the Joint Review Committee on Criminal Penalties may be requested to prepare a

report concerning the proposed penalty and the costs or savings that are likely to

result if the bill is enacted.