House Bill No. [insert number] aims to regulate credit card swipe fees in Louisiana by enacting a new chapter in the Louisiana Revised Statutes. The bill defines key terms such as "assessment fee," "electronic payment transaction," "gratuity," "interchange fee," "payment card," "payment card issuer," "payment card network," "state or local tax," and "swipe fee." It mandates that state or local taxes and gratuities, when listed separately on payment invoices, must be excluded from the total amount on which swipe fees are calculated. Payment card networks are required to either deduct these amounts from swipe fee calculations at the time of settlement or rebate the merchant an equivalent amount.
Additionally, the bill outlines the responsibilities of payment card networks regarding the handling of tax and gratuity data, including provisions for merchants who cannot capture this information at the time of sale. It establishes civil penalties for violations, allowing the attorney general to take action against offenders, including seeking penalties and injunctions. The bill also includes a severability clause to ensure that if any part is deemed invalid, the remaining provisions will still be enforceable. The act will take effect upon the governor's signature or after the designated period for gubernatorial action.