Nofs co-sponsors ‘swipe fee’ bill
LANSING—Legislation was introduced in the Michigan Senate on Thursday that would prevent retailers from adding surcharges to certain bills, said state Sen. Mike Nofs.
Under current law, merchants are allowed to charge “swipe fees” or “checkout fees” to consumers who pay by credit card. Senate Bill 240, sponsored by Sen. Jim Marleau, R-Lake Orion, would ban these surcharges, which may be up to 4 percent of a total sale.
“Prices on everything from milk to Internet service continue to rise Michigan families should not be forced to pay a separate fee when paying with a credit card,” said Nofs, R-Battle Creek. This legislation will protect consumers from having to pay credit card fees. In order to continue the economic progress our state has made thus far, we must remain consumer-friendly.”
Currently, 10 states have laws banning credit card surcharges, and at least 13 other states have introduced legislation that would prohibit the practice.
As of January 28, Visa and MasterCard have allowed merchants to add a surcharge to credit card transactions as part of a settlement from an antitrust lawsuit brought by retailers.
SB 240 has been referred to the Senate Committee on Banking and Financial Institutions for consideration.