2011 LEGISLATIVE UPDATE

The Federal Reserve Board on June 29th suggested raising the debit interchange fee cap to 21 cents plus 5 basis points per transaction — more than double its initial proposal of 12 cents.  In a draft final rule that is expected to be approved by the Fed board, the agency's staff said the cap should be set at 21 cents to account for issuer costs to complete a transaction, but added an additional allowance of 5 cents to account for fraud costs.  Read the Durbin Amendment Rules draft here.

The Legislature is making sweeping changes to workman's comp which should substantially save your store money.  We will keep you appraised.

Senate Bill 144 has been ratified, passing the House and Senate.  This bill may have implications to jewelers who purchase gold off the street and retain "estate" pieces for your inventories or stones.  Please consult an attorney to determine if you will need be considered a "cash converter."  Click here to see a copy of the bill.