S129 - CREDIT CARD FEES - MFA's proposal to require full disclosure of all charges by financial institutions when entering a contractual agreement with merchants to offer their credit or debit card.
Home Article 39 : MFA Board of Directors Article 41 : MFA Executive Committee Contacts Article 42 : MFA Function Committee Contacts Article 43 : MFA Human Resource Committee Contacts Article 44 : MFA Membership Committee Contacts Article 45 : 2013 Committee Meetings - By Date Article 46 : 2013 Committee Meetings Article 48 : Massachusetts specific licensing/permitting, policies, guidelines & regulations Article 59 : Massachusetts Legislature Article 60 : Supermarket Recycling Program Certification Article 61 : Massachusetts State Agencies Article 64 : Massachusetts Food Protection Manager Certification Trainer Directory Article 65 : Food Marketing Institute Article 66 : National Grocers Association Article 67 : Federal Health Care Law Information Article 79 : MFA Committees Article 80 : Board of Directors Article 81 : MFA Membership Article 82 : MFA Member Alerts Article 87 : Our Office Directory Article 104 : MFA -The Green Guidelines Article 108 : MULTI-STORE MEMBERS Article 109 : AFFILIATE MEMBERS Article 111 : Government Affairs Committee Contacts Article 112 : Compensation Committee Contacts	FACT SHEET   S129 - AN ACT RELATIVE TO CREDIT AND DEBIT CARDS   PURPOSE OF THE PROPOSAL: To clarify the rules, schedule of any fees, transaction rates and any changes made to them for retailers who enter a contractual agreement with a financial institution to accept credit card or debit card payments from customers.   WHAT THE PROPOSAL DOES: 1. Creates the definition of a “debit card” which would be subject to any of the provisions proposed in this legislation.   2. Requires any financial institution that enters a contract with a merchant authorizing them to accept a debit or credit card that they issue to adhere to certain conditions and disclosures, including: ·         Giving the merchant access in this state to a complete paper copy of the rules referenced in the contract; ·         Notify the merchant when a referenced rule has been changed or a new rule added, prior to the effective date of the new or revised rule; ·         Provide a copy of the new or modified rule.   3. Contracts offered by financial institutions to merchants authorizing them to accept a credit card they issue must contain: ·         Complete schedule of interchange fees, credit card and debit card transaction rates and any other fees that may be charged to the merchant; ·         An explanation of which rates apply to the merchant and the situations in which they apply. 4. Said contracts authorizing a merchant to accept a credit card or debit card shall not prohibit a merchant from disclosing the contracting financial institution’s rules or rates as a condition of receiving access to the rules or rates. PENALTIES: If an issuing bank or credit card company fails to provide a merchant access to its rules or rates: ·         The merchant shall not be liable for any chargeback or fees associated with its credit card or debit card transactions from the time the contract is executed until the rules and rates are provided, and; ·         They shall be held liable for a civil penalty of $10,000 per charge levied prior to providing the rules.
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S129 - CREDIT CARD FEES

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