Missouri HB1274: Prohibits the imposition of an interchange fee on the tax amount of an electronic payment transaction

What the bill says

From the introduced text:

FIRST REGULAR SESSION HOUSE BILL NO. 1274 103RD GENERAL ASSEMBLY INTRODUCED BY REPRESENTATIVE BAKER. 2623H.01I JOSEPHENGLER,ChiefClerk Toamendchapter407,RSMo,byaddingtheretoonenewsectionrelatingtointerchangefees, with a penalty provision. Section A. Chapter 407, RSMo, is amended by adding thereto one new section, to be known as section 407.3200, to read as follows: 407.3200. 1. The provisions of this section shall be known and cited as the "Interchange Fee Prohibition Act". 2. For purposes of this section, the following terms mean: (1) "Acquirerbank",amemberofapaymentcardnetworkthatcontractswitha merchant for the settlement of electronic payment transactions. An acquirer bank may contract directly with merchants or indirectly through a processor to process electronic payment transactions; (2) "Authorization", the process through which a merchant requests approval for an electronic payment transaction from the issuer; (3) "Clearance", the process of transmitting final transaction data from a merchant to an issuer for posting to the cardholder's account and the calculation of fees and charges, including interchange fees, that apply to the issuer and the merchant; (4) "Credit card", a card, plate, coupon book, or other credit device existing for the purpose of obtaining money, property, labor, or services on credit; (5) "Debit card", a card orother payment code or device issued or approved for usethroughapaymentcardnetworktodebitanassetaccount,regardlessofthepurpose for which the account is established, whether authorization is based on a signature, a EXPLANATION -- Matter enclosed in bold-faced brackets [thus] in …

Read the full official text

Sponsors

• Baker, Ben (R) · primary sponsor

Latest actions

1. February 27, 2025: Referred: Financial Institutions(H)
2. February 12, 2025: Read Second Time (H)
3. February 11, 2025: Introduced and Read First Time (H)

Common questions

What is HB1274?

HB1274 is a bill in the Missouri Legislature (2025 Regular Session): Prohibits the imposition of an interchange fee on the tax amount of an electronic payment transaction.

What is the status of HB1274?

In committee as of February 27, 2025. Latest action: Referred: Financial Institutions(H) (February 27, 2025).

Who sponsored HB1274?

Baker, Ben (R).

Where is the official record for HB1274?

On the Missouri Legislature website: https://house.mo.gov/BillContent.aspx?bill=HB1274&year=2025&code=R