LD 660 An Act To Allow Credit and Debit Card Surcharges, Sen. Whittemore (R-Somerset)

MTA testified in support of this will which would have repealed the current law which prohibits the seller in a sales transaction from imposing a surcharge on a cardholder who pays using a credit card or debit card. The bill was killed but a letter from the Superintendents of the Bureau of Financial Institutions and Bureau of Consumer Credit Protection issued a clarification on the law. They stated that a retailer can offer a discounted cash price so long as the retailer posts both the regular price and the discounted cash price. If a merchant opts to disclose both prices; then the regular price must be as prominent as, or more prominent than, the discounted cash price, and the discounted price should be labeled as a "Cash" or "Cash Discount" price.