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," "interchange fee," and "merchant," and explicitly prohibits payment card networks and covered credit card issuers from engaging in practices such as fixing interchange fees, imposing penalties on merchants for lawful pricing, 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. Specifically, entities that violate the prohibition on charging interchange fees on taxes and gratuities may face penalties of $1,000 per transaction and must refund the corresponding fees to the merchant. The act also includes a severability clause to ensure that if any part of the legislation is deemed invalid, the remaining provisions will still be enforceable.