Sacco, Prieto Sponsor Bills to Prohibit Surcharges for Using Credit Cards to Pay
Jersey Journal (NJ)
February 6, 2013
Machcinski, Anthony J.
New Jersey state Sen. Nicholas Sacco (D-North Bergen) and state Assemblyman Vincent Prieto (D-Secaucus) have introduced bills in their respective chambers to ban merchants from tacking a surcharge onto credit card purchases. MasterCard and Visa sanctioned the new fees, equal to 1 percent to 4 percent of the transaction amount, as part of a settlement over interchange fees that retailers must pay them. The agreement applies nationwide, except for in 10 states where credit card fees are explicitly prohibited. Sacco and Prieto would like to add New Jersey to those ranks, with legislation that would fine retailers $10,000 and $20,000 for their first and second offenses, respectively, and hand down cease-and-desist orders from the attorney general upon subsequent violation. Sacco's bill successfully moved out of the state Senate Commerce Committee on Feb. 5, while the state Assembly bill will go before committee on Feb. 7.
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