Vermont Senate Passes Some Interchange Rules
April 12, 2010
While federal efforts to limit interchange fees and address merchant concerns surrounding interchange via legislation have met mixed results, at least one state has had more success, as the Vermont State Senate recently passed a bill that takes on some related issues. Interchange rates were not directly covered, but the bill allows store owners to set a minimum or maximum sale price for customers to use credit cards, in response to concerns that merchants end up losing money on small purchases. The legislation also would allow merchants to offer a discount to customers who use credit cards that carry a lower processing fee. According to reports, in an effort to ease passage, the bill’s sponsors agreed to remove more controversial measures that would have allowed merchants to accept only some of a card network’s cards and to negotiate rates. The bill now moves to the state House of Representatives for consideration. No timetable was given for a vote.