H.F. 627 Section 1. NEW SECTION . 537.2701 Interchange fees. 1 A card issuer may charge an interchange fee in conjunction 2 with a transaction pursuant to a credit card that is a 3 percentage of the total value of the goods or services 4 purchased by a cardholder, excluding taxes, plus all amounts 5 paid by the cardholder pursuant to chapter 455C. For purposes 6 of this section, “interchange fee” means any fee established, 7 charged, or received by a card issuer for the purpose of 8 compensating the card issuer for its involvement in the 9 transaction pursuant to a credit card. 10 EXPLANATION 11 The inclusion of this explanation does not constitute agreement with 12 the explanation’s substance by the members of the general assembly. 13 This bill relates to interchange fees charged by card 14 issuers. The bill authorizes a card issuer to charge an 15 interchange fee in conjunction with a transaction pursuant 16 to a credit card that is a percentage of the total value of 17 the goods or services purchased by a cardholder, excluding 18 taxes, plus all amounts paid by the cardholder pursuant to 19 Code chapter 455C (beverage containers control). The bill 20 defines “interchange fee” as any fee established, charged, or 21 received by a card issuer for the purpose of compensating the 22 card issuer for its involvement in the transaction pursuant to 23 a credit card. 24 -1- LSB 2322YH (2) 89 jda/rn 1/ 1