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Financial Services Law Insights and Observations

Colorado limits credit and debit card surcharges

State Issues Colorado Credit Cards State Legislation Fees

State Issues

On July 7, the Colorado governor signed SB 91, which, among other things, repeals a prior ban on surcharges for credit or debit card transactions. The bill limits the maximum surcharge amount per transaction to 2 percent of the payment amount or the actual fee. Merchants are required to display a specified notice regarding the surcharge on their premises or, for online purchases, before a customer’s completion of the transaction. The act becomes effective July 1, 2022.

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