This bill aims to regulate credit card transactions by establishing prohibitions and requirements for credit card issuers and payment card networks. It defines key terms such as "assessment fee," "credit card issuer," and "swipe fee," and prohibits certain practices, including fixing or charging specific fees, penalizing merchants for offering discounts for alternative payment methods, and charging fees for disputed transactions without proper findings. Additionally, credit card issuers are required to disclose swipe fees on monthly statements, while payment card networks must provide detailed disclosures about fees charged on transactions.

The bill also empowers the Attorney General to create rules for enforcement, investigate violations, and impose civil penalties based on the severity of the violation and the financial status of the offending entity. Penalties can range from $300,000 for individuals to $30 million for larger entities. The act is set to take effect on November 1, 2026, and aims to enhance transparency and fairness in credit card transactions for both consumers and merchants.