Returns relating to payments made in settlement of payment card and third party network transactions

Each payment settlement entity shall make a return for each calendar year setting forth— For purposes of this section— The term “payment settlement entity” means— The term “merchant acquiring entity” means the bank or other organization which has the contractual obligation to make payment to participating payees in settlement of payment card transactions. The term “third party settlement organization” means the central organization which has the contractual obligation to make payment to participating payees of third party network transactions. For purposes of this section— In any case where reportable payment transactions of more than one participating payee are settled through an intermediary— In any case where an electronic payment facilitator or other third party makes payments in settlement of reportable payment transactions on behalf of the payment settlement entity, the return under subsection (a) shall be made by such electronic payment facilitator or other third party in lieu of the payment settlement entity. For purposes of this section— The term “reportable payment transaction” means any payment card transaction and any third party network transaction. The term “payment card transaction” means any transaction in which a payment card is accepted as payment. The term “third party network transaction” means any transaction described in subsection (d)(3)(A)(iii) which is settled through a third party payment network. For purposes of this section— The term “participating payee” means— Except as provided by the Secretary in regulations or other guidance, such term shall not include any person with a foreign address. Notwithstanding the preceding sentence, a person with only a foreign address shall not be treated as a participating payee with respect to any payment settlement entity solely because such person receives payments from such payment settlement entity in dollars. The term “person” includes any governmental unit (and any agency or instrumentality thereof). The term “payment card” means any card which is issued pursuant to an agreement or arrangement which provides for— The term “third party payment network” means any agreement or arrangement— which involves the establishment of accounts with a central organization by a substantial number of persons who— A third party settlement organization shall be required to report any information under subsection (a) with respect to third party network transactions of any participating payee only if— Every person required to make a return under subsection (a) shall furnish to each person with respect to whom such a return is required a written statement showing— The Secretary may prescribe such regulations or other guidance as may be necessary or appropriate to carry out this section, including rules to prevent the reporting of the same transaction more than once.