House File 627 - Introduced
HOUSE FILE 627
BY LOHSE
A BILL FOR
1 An Act relating to interchange fees charged by card issuers.
2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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 H.F. 627
1 Section 1. NEW SECTION. 537.2701 Interchange fees.
2 A card issuer may charge an interchange fee in conjunction
3 with a transaction pursuant to a credit card that is a
4 percentage of the total value of the goods or services
5 purchased by a cardholder, excluding taxes, plus all amounts
6 paid by the cardholder pursuant to chapter 455C. For purposes
7 of this section, “interchange fee” means any fee established,
8 charged, or received by a card issuer for the purpose of
9 compensating the card issuer for its involvement in the
10 transaction pursuant to a credit card.
11 EXPLANATION
12 The inclusion of this explanation does not constitute agreement with
13 the explanation’s substance by the members of the general assembly.
14 This bill relates to interchange fees charged by card
15 issuers. The bill authorizes a card issuer to charge an
16 interchange fee in conjunction with a transaction pursuant
17 to a credit card that is a percentage of the total value of
18 the goods or services purchased by a cardholder, excluding
19 taxes, plus all amounts paid by the cardholder pursuant to
20 Code chapter 455C (beverage containers control). The bill
21 defines “interchange fee” as any fee established, charged, or
22 received by a card issuer for the purpose of compensating the
23 card issuer for its involvement in the transaction pursuant to
24 a credit card.
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