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