PRICE FIXING PROHIBITION & TAX FAIRNESS

HB 476, the "Price Fixing Prohibition, Consumer Transparency and Tax Fairness Act," prohibits major payment card networks (like Visa or Mastercard) and large credit card issuers (with over $85 billion in assets) from colluding to set interchange fees - the fees merchants pay for processing card transactions. It bans charging these fees on taxes and gratuities, requires clear disclosure of interchange fees on consumer statements, and prohibits networks from penalizing merchants for how they price goods. The bill directly affects large financial networks, merchants (especially restaurants and retailers), and consumers by increasing transparency and preventing unfair fee structures. It creates penalties for violations but does not apply to smaller card networks or issuers.