- Commercial Law – Credit Card Processors – Merchant Processing Agreements
- Sponsored by
- Delegates Howard, Beitzel, Branch, Buckel, Carey, Charkoudian, Chisholm, Ciliberti, Corderman, Fennell, Hill, Lisanti, Malone, McComas, McKay, Qi, Rose, Saab, Valderrama, Wilson, Boteler, and R. Lewis
- Approved by the Governor - Chapter 296
- Fiscal and Policy Note (Revised)
Prohibiting a credit card processor from assessing or charging a fee, fine, or penalty that exceeds $500 if a business entity cancels a merchant processing agreement in certain circumstances; prohibiting any fee, fine, or penalty if a business entity terminates a merchant processing agreement after the expiration of the initial term; requiring a merchant processing agreement to include certain information; applying the Act prospectively; etc.
( 12-1401 through 12-1404 )
Last Updated: 2/3/2020 2:31 PM