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 introduces new definitions and establishes that it is unlawful for payment card networks and covered credit card issuers to fix interchange fees, impose penalties on merchants for lawful pricing practices, or charge fees related to disputed transactions without proper notification. Additionally, the act prohibits the charging of interchange fees on taxes and gratuities if merchants provide the necessary 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 fail to comply with the prohibition on interchange fees related to taxes and gratuities may face penalties of $1,000 per transaction and must refund the corresponding fees to merchants. 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.