S.Amdt. 3771

SA 3771. Mr. DURBIN (for himself, Mr. Leahy, and Ms. Landrieu)
submitted an amendment intended to be proposed to amendment SA 3739
proposed by Mr. Reid (for Mr. Dodd (for himself and Mrs. Lincoln)) to
the bill S. 3217, to promote the financial stability of the United
States by improving accountability and transparency in the financial
system, to end ``too big to fail'', to protect the American taxpayer by
ending bailouts, to protect consumers from abusive financial services
practices, and for other purposes; which was ordered to lie on the
table; as follows:

At the end of subtitle G of title X, add the following:

SEC. 1077. LIMITATION ON ANTI-COMPETITIVE PAYMENT CARD
NETWORK RESTRICTIONS.

The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.)
is amended--
(1) by redesignating sections 920 and 921 as sections 921
and 922, respectively; and
(2) by inserting after section 919 the following:

``SEC. 120. LIMITATION ON ANTI-COMPETITIVE PAYMENT CARD
NETWORK RESTRICTIONS.

``(a) No Restrictions on Offering Discounts for Use of a
Competing Payment Card Network.--A payment card network shall
not, directly or through any agent, processor, or licensed
member of the network, by contract, requirement, condition,
penalty, or otherwise, inhibit the ability of any person to
provide a discount or in-kind incentive for payment through
the use of a card or device of another payment card network.
``(b) No Restrictions on Offering Discounts for Use of a
Form of Payment.--A payment card network shall not, directly
or through any agent, processor, or licensed member of the
network, by contract, requirement, condition, penalty, or
otherwise, inhibit the ability of any person to provide a
discount or in-kind incentive for payment by the use of cash,
check, debit card, stored-value card or credit card.
``(c) No Restrictions on Setting Transaction Minimums or
Maximums.--A payment card network shall not, directly or
through any agent, processor, or licensed member of the
network, by contract, requirement, condition, penalty, or
otherwise, inhibit the ability of any person to set a minimum
or maximum dollar value for the acceptance by that person of
any form of payment.
``(d) Definitions.--As used in this subsection, the
following definitions shall apply:
``(1) Debit card.--The term `debit card'--
``(A) means any card or device issued or approved for use
through a payment card network to debit an asset account for
the purpose of transferring money between accounts or
obtaining goods or services, whether authorization is based
on signature, PIN, or other means; and
``(B) includes a stored-value card linked to any asset
account.
``(2) Discount.--The term `discount'--
``(A) means a reduction made from the price that customers
are informed is the regular price; and
``(B) does not include any means of increasing the price
that customers are informed is the regular price.

[[Page S3042]]

``(3) Payment card network.--The term `payment card
network' means an entity that directly, or through licensed
members, processors, or agents, provides the proprietary
services, infrastructure, and software that route information
and data to conduct transaction authorization, clearance, and
settlement, and that a person is required to access in order
to accept as a form of payment a specific brand of accepted
card, or other means of access, including a debit card,
stored-value card, credit card, or other device that may be
used to carry out debit, stored-value, or credit
transactions.
``(4) Stored-value card.--The term `stored-value card'
means any card or device issued or approved for use through a
payment card network that stores funds or monetary value in
any electronic format, whether or not specially encrypted,
that is capable of being retrieved and transferred
electronically. A stored-value card includes a prepaid debit
card or any other similar device, regardless of whether the
amount of the funds or monetary value may be increased or
reloaded.''.
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