U.S. Congress - S.1212 Credit Card Fair Fee Act of 2009
S.1212 - Credit Card Fair Fee Act of 2009
A bill to amend the antitrust laws to ensure competitive market-based fees and terms for merchants' access to electronic payment systems. view all titles (2)
All Bill Titles
- Short: Credit Card Fair Fee Act of 2009 as introduced.
- Official: A bill to amend the antitrust laws to ensure competitive market-based fees and terms for merchants' access to electronic payment systems. as introduced.
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Official Summary
6/9/2009--Introduced.Credit Card Fair Fee Act of 2009 - 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 the fees and terms for access to such a system. Defines covered electroOfficial Summary
6/9/2009--Introduced.Credit Card Fair Fee Act of 2009 - 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 the fees and terms for access to such a system. Defines covered electronic payment system as any system that has been used for at least 10% of the combined dollar value of credit and debit card payments processed in the most recent 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 fees and terms for access to a covered electronic payment system. Creates a panel of three full-time Electronic Payment System Judges, appointed by the Attorney General and the Chairman of the Federal Trade Commission, to determine the schedule of fees and terms for two-year periods. Outlines procedures for correcting overpayments, underpayments, and late payments as determined by the Judges. Subjects any determination of such Judges to judicial review. Authorizes providers and merchants to engage in voluntarily negotiated access agreements. Declares that such an executed agreement shall supersede any fees or terms established by the Judges....Read the Rest
Organizations Supporting S.1212
- None via MapLight at this time.
Organizations Opposing S.1212
- Credit Union National Association
Recent News Coverage
Electronic Payments Coalition Opposes Senator Durbin Interchange ...
... to the interchange legislation introduced yesterday by Senator Richard Durbin (S. 1212): "The Electronic Payments Coalition strongly opposes interchange ...
Senate Introduces Interchange Bill
Richard Durbin, D-Ill., yesterday introduced the Senate's version of the Credit Card Fair Fee Act of 2009 (S. 1212), a bill that would allow retailers to ...
Recent Blog Coverage
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