Page:United States Statutes at Large Volume 122.djvu/2931

 12 2 STA T . 2 908PUBLIC LA W 110 – 289 —J UL Y3 0, 2008 (2)EF F ECTIV E DA TE .—Theam e nd men t made by th is s u b - se c ti o n sha l lta k ee f fect as if included in the pr o v isions of the G ulf O pportunity Z one A ctof2 0 0 5 to w hich it relates. SEC.308 3. IN C R E A SEINS T AT U T O R YL I M ITONT H E P U B LIC D EBT. S ubsection (b) of section 31 01 of title 31 ,U nited States C ode, is amended by strikin g out the dollar limitation contained in such subsection and inserting in lieu thereof $ 10, 6 15,000,000,000. Subti t leB—R e v e n ue Of f s ets SEC. 30 91 . RETURNS RELATIN G TO PAYMENTS MADE IN SETTLEMENT O F PAYMENT CARD AND THIRD PARTY NET W OR K TRANS - ACTIONS. (a) IN GENE R A L .—Subpart B of part III of subchapter A of chapter 61 is amended by adding at the end the following new section

‘SEC. 6 0 5 0W. RETURNS RELATING TO PAYMENTS MADE IN SETTLE- MENT OF PAYMENT CARD AND THIRD PARTY NETWORK TRANSACTIONS. ‘ ‘(a) IN GENERAL.—Each payment settlement entity shall make a return for each calendar year setting forth— ‘‘(1) the name, address, and TI N of each participating payee to whom one or more payments in settlement of reportable payment transactions are made, and ‘‘(2) the gross amount of the reportable payment trans- actions with respect to each such participating payee. Such return shall be made at such time and in such form and manner as the Secretary may re q uire by regulations. ‘‘(b) P A YM ENT SETTLEMENT ENTITY.— F or purposes of this sec- tion— ‘‘(1) IN G ENERAL.—The term ‘payment settlement entity ’ means— ‘‘(A) in the case of a payment card transaction, the merchant acquiring entity, and ‘‘(B) in the case of a third party network transaction, the third party settlement organi z ation. ‘‘(2) M ERC H ANT AC QU IRING ENTITY.—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. ‘‘(3) THIRD P ARTY S ETTLEMENT O RGANI Z ATION.—The term ‘third party settlement organization’ means the central organization which has the contractual obligation to make pay- ment to participating payees of third party network trans- actions. ‘‘( 4 ) SPECIAL RULES RELATED TO INTERMEDIARIES.—For pur- poses of this section— ‘‘(A) AGGREGATED PAYEES.—In any case where report- able payment transactions of more than one participating payee are settled through an intermediary— ‘‘(i) such intermediary shall be treated as the participating payee for purposes of determining the reporting obligations of the payment settlement entity with respect to such transactions, and 26USC140 0 Nnote.

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