The "Price Fixing Prohibition, Consumer Transparency and Tax Fairness Act" aims to enhance consumer protection and transparency in electronic payment transactions by prohibiting certain unfair practices related to interchange fees. The bill establishes definitions for key terms such as "acquirer bank," "merchant," "interchange fee," and "tax documentation." It specifically prohibits payment card networks and covered credit card issuers from fixing interchange fees, imposing penalties on merchants for lawful pricing practices, and charging fees related to disputed transactions without proper notification. Additionally, the bill mandates that interchange fees cannot be charged on taxes and gratuities if the merchant provides the relevant data during the transaction process.

To enforce these provisions, the bill grants the attorney general the authority to seek injunctive relief and impose civil penalties on violators. A civil penalty of $1,000 per transaction is established for entities that fail to comply with the prohibition on charging interchange fees on tax or gratuity amounts. Furthermore, the bill includes a severability clause to ensure that if any part of the act is deemed invalid, the remaining provisions will still be enforceable. Overall, the act seeks to promote fair practices in the payment card industry while protecting consumers and merchants from unfair fees and practices.