123STA T . 1 754PUBLIC LA W 111 – 24 —M A Y 22 , 2 0 0 9‘ ‘ (B)shal l det e rmin ethee x tent t ow hi c h the indi v id u al de f initions and p rovisions of the E lectronic F und T ransfer A ct or R e g ulation E should appl y to general - use prepaid cards , gift certificates, and store gift cards . ‘‘( 2 ) CONSULTA T I ON. —I n prescri b ing regulations under this subsection, the Board shall consult with the Federal Trade Commission. ‘‘( 3 )TI M IN G;EF FE C TI V E D ATE.—The regulations re q uired by this subsection shall be issued in final form not later than 9 months after the date of enactment of the Credit CAR D Actof2 0 09. ’ ’. SEC.402 . R E LATION TO STATE LA W S. S ection 920 of the Electronic Fund Transfer Act (as redesig- nated by this title) is amended by inserting ‘‘dormancy fees, inactivity charges or fees, service fees, or expiration dates of gift certificates, store gift cards, or general-use prepaid cards,’’ after ‘‘electronic fund transfers,’’. SEC. 40 3 .E F FECTI V E D ATE. This title and the amendments made by this title shall become effective 15 months after the date of enactment of this Act. TI T LEV—M I SC ELL AN E OU S PR OVISIONS SEC. 5 0 1 .ST U D Y AND RE P ORT ON INTERC H AN G E FEES. (a) STUD Y RE Q UI R ED.—The Comptroller G eneral of the U nited States (in this section referred to as the ‘‘Comptroller’’) shall conduct a study on use of credit by consumers, interchange fees, and their effects on consumers and merchants. (b) SU BJ ECTS FOR REVIE W .—In conducting the study required by this section, the Comptroller shall review— (1) the extent to which interchange fees are required to be disclosed to consumers and merchants, whether merchants are restricted from disclosing interchange or merchant discount fees, and how such fees are overseen by the Federal ban k ing agencies or other regulators; (2) the ways in which the interchange system affects the ability of merchants of varying si z e to negotiate pricing with card associations and banks; (3) the costs and factors incorporated into interchange fees, such as advertising, bonus miles, and rewards, how such costs and factors vary among cards; ( 4 ) the consequences of the undisclosed nature of inter- change fees on merchants and consumers with regard to prices charged for goods and services; (5) how merchant discount fees compare to the credit losses and other costs that merchants incur to operate their own credit networks or store cards; ( 6 ) the extent to which the rules of payment card networks and their policies regarding interchange fees are accessible to merchants; ( 7 ) other j urisdictions where the central bank has regulated interchange fees and the impact on retail prices to consumers in such jurisdictions; ( 8 ) whether and to what extent merchants are permitted to discount for cash; and 15USC 1 693l– 1 note. 15 USC 1693 q . D e adli ne.
