U.S. Congress - H.R.6248 Credit Card Interchange Fees Act of 2008
H.R.6248 - Credit Card Interchange Fees Act of 2008
To amend the Truth in Lending Act to prohibit unfair practices in electronic payment system networks, and for other purposes. view all titles (2)
All Bill Titles
- Short: Credit Card Interchange Fees Act of 2008 as introduced.
- Official: To amend the Truth in Lending Act to prohibit unfair practices in electronic payment system networks, and for other purposes. as introduced.
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Official Summary
6/11/2008--Introduced.Credit Card Interchange Fees Act of 2008 - Amends the Truth in Lending Act to prohibit specified electronic payment system network practices, including the imposition of: (1) additional charges on merchants and consumers for premium payment cards; (2) certain restrictOfficial Summary
6/11/2008--Introduced.Credit Card Interchange Fees Act of 2008 - Amends the Truth in Lending Act to prohibit specified electronic payment system network practices, including the imposition of:
(1) additional charges on merchants and consumers for premium payment cards;
(2) certain restrictions on merchants, including chargebacks for transactions on point of sale terminals that exceed the allowable amount on such devices;
(3) restrictions upon network routing; and
(4) fees for failure of the merchant to provide a particular number of transactions. Requires an electronic payment system network to disclose its contract terms to the merchant, including its complete operating rules, without restricting the merchant's use of such information. Directs the Federal Trade Commission (FTC) to prescribe regulations to:
(1) ensure that the rules, terms, and conditions to which a merchant or consumer is subject under an agreement with an electronic payment system network are neither unfair nor deceptive to consumers and merchants, nor anticompetitive;
(2) prohibit any unfair or deceptive act or practice or anticompetitive act or practice that may result from such rule, term, or condition; and
(3) regularly review such rules, terms, and conditions. Directs the Board of Governors of the Federal Reserve System to collect and disseminate to the public:
(1) complete information on fees charged by each electronic payment system network in connection with consumer-initiated transactions; and
(2) the rules, terms, and conditions to which a merchant or a consumer is subject under an agreement with an electronic payment system network for transactions using payment cards.
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Recent Blog Coverage
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H.R.6248: Elevating Science, Technology, Engineering, and ...
My bill, HR 6248, addresses these problems by providing the education and skills necessary for students to compete in today's global economy and to understand increasingly complex issues. Additionally, it improves STEM education . .... OpenCongress is
Congress and Payment Processing
HR 6248 also known as the Credit Card Interchange Act of 2008 will also die. This bill sought to enact laws prohibiting charges for premium cards being higher than those for non-premium cards and ban card networks and merchant acquirers ...
Congressman Welch Supports Credit Card Reform; Encourages Congress ...
Congressman Peter Welch is the sponsor of HR 6248, the Credit Card Interchange Fees Act of 2008, and is also an original co-sponsor of HR 5546, the Credit Card Fair Fee Act. The Merchants Payments Coalition applauds Congressman Welch ...
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