CaliforniaCredit card transaction fees: tax payments: Consumer Inflation Reduction and Tax Fairness Act.
What it does
Existing law, the Financial Code, provides for the licensure and regulation of various types of financial institutions and transactions. Existing law, the Song-Beverly Credit Card Act of 1971, regulates the issuance, use, and processing of credit cards and credit card transactions.
More detail
This bill would enact the Consumer Inflation Reduction and Tax Fairness Act, within the Financial Code, to require that the calculation of interchange fees charged by an issuer, a payment card network, an acquirer bank, or a processor not take into account certain state and local taxes and fees, as specified. The bill would define various terms for these purposes. The bill would prohibit a payment card network, an acquirer bank, or a processor from altering the computation of interchange fees, either by increasing the rate or the amount of fees applicable, to circumvent the effects of the act.
Existing law, the Unfair Competition Law, makes various practices unlawful and provides that a person who engages, has engaged, or proposes to engage in unfair competition is liable for a civil penalty, as specified.
This bill would provide a violation of its provisions is enforceable pursuant to the Unfair Competition Law, as provided.
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Where it stands
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Feb 2From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.Latest
- Jan 31Died pursuant to Art. IV, Sec. 10(c) of the Constitution.Major
- 2025
- Apr 22Re-referred to Com. on B. & F.Minor
- Apr 21From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.Major
- Vote recorded Do pass. Result: fail.Lower
- Vote recorded Reconsideration. Result: pass.Lower
- Apr 21In committee: Set, first hearing. Failed passage. Reconsideration granted.Minor
- Apr 10Re-referred to Com. on B. & F.Minor
- Apr 9Read second time and amended.Major
- Apr 8From committee: Amend, and do pass as amended and re-refer to Com. on B. & F. (Ayes 7. Noes 3.) (April 8).Major
- Vote recorded Do pass as amended and be re-referred to the Committee on [Banking and Finance]. Result: pass.Lower
- Apr 3Re-referred to Com. on JUD.Minor
- Apr 2From committee chair, with author's amendments: Amend, and re-refer to Com. on JUD. Read second time and amended.Major
- Mar 13Re-referred to Coms. on JUD. and B.&F. pursuant to Assembly Rule 96.Minor
- Mar 10Referred to Coms. on B.&F. and JUD.Minor
- Feb 21From printer. May be heard in committee March 23.
- Feb 20Read first time. To print.Introduced