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Senate approves ban on swipe fees by large card networks after tight vote
Summary
The Senate passed Senate Bill 134, prohibiting very large financial institutions from charging swipe fees on sales tax collections; proponents said it aids small businesses while opponents warned of litigation and uncertain consumer savings. The measure passed 18–17.
The State Senate on May 1 approved Senate Bill 134, a measure that would bar institutions with more than $60 billion in assets from charging payment-card swipe fees on sales-tax collections.
Senator Linstead moved for third-reading passage after the bill title was read. In floor remarks, Senator Donna Gonzalez framed the vote as relief for small businesses and described intensive lobbying around the bill. "Shall an institution…
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