U.S. Congress - H.R.5546 Credit Card Fair Fee Act of 2008
H.R.5546 - Credit Card Fair Fee Act of 2008
To amend the antitrust laws to ensure competitive market-based rates and terms for merchants' access to electronic payment systems. view all titles (2)
All Bill Titles
- Short: Credit Card Fair Fee Act of 2008 as introduced.
- Official: To amend the antitrust laws to ensure competitive market-based rates and terms for merchants' access to electronic payment systems. as introduced.
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Official Summary
3/6/2008--Introduced.Credit Card Fair Fee Act of 2008 - Authorizes providers of a single covered electronic payment system (e.g. Visa or Mastercharge credit cards) and any merchants to jointly negotiate and agree upon rates and terms for access to such a system. Defines covered electronicOfficial Summary
3/6/2008--Introduced.Credit Card Fair Fee Act of 2008 - Authorizes providers of a single covered electronic payment system (e.g. Visa or Mastercharge credit cards) and any merchants to jointly negotiate and agree upon rates and terms for access to such a system. Defines covered electronic payment system as any system that has been used for at least 20% of the combined dollar value of U.S. credit, signature-based debit, and PIN-based debit card payments processed in the applicable base year. Grants limited antitrust immunity to such providers and merchants, as well as to those providers who jointly determine among themselves the proportionate division of paid access fees. Sets forth procedures to determine rates and terms for access to a covered electronic payment system. Prohibits any other rates and terms from being imposed upon a merchant for accessing a covered electronic payment system except as specified in a voluntarily negotiated access agreement. Creates a panel of three full-time Electronic Payment System Judges, appointed by the Antitrust Division of the Department of Justice and the Federal Trade Commission Bureau of Competition, to determine the schedule of rates and terms for three-year periods. Subjects any determination of such Judges to judicial review. Authorizes providers and merchants to engage in voluntarily negotiated access agreements. Declares that such voluntarily negotiated access agreements shall be given effect with respect to the signatories in lieu of any determination by the Judges.
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