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2017 Regular Session



Commercial Law - Credit Card Processors - Service Agreements

Sponsored by:

Delegate Howard, S.


In the House - Unfavorable Report by Economic Matters; Withdrawn

Synopsis:Prohibiting a specified services agreement between a credit card processor and a business entity from including a specified provision authorizing liquidated damages or specifying a fee for the termination of a services agreement that exceeds $99; prohibiting a credit card processor who has received a specified termination notice from debiting or accessing the bank account of a specified business entity after a specified period of time; authorizing the Commissioner of Financial Regulation to take specified actions; etc.
Analysis:Fiscal and Policy Note
All Sponsors:Delegates S. Howard, Carey, Clark, Fisher, Impallaria, Jacobs, Lisanti, Malone, Mautz, McConkey, W. Miller, Saab, Simonaire, and Sophocleus
Additional Facts:Cross-filed with: SB1098
Bill File Type: Regular
Effective Date(s): October 1, 2017
Economic Matters  View Committee Hearing
Broad Subject(s):Commercial Law - Credit Regulation
Narrow Subject(s):Banks and Trust Companies
Contracts -see also- Land Installment Contracts; Procurement
Fees -see also- Attys' Fees; Devt Fees & Taxes; Reimb Rates
Financial Regulation, Division of
Fines -see also- Penalties and Sentences
Penalties and Sentences -see also- Death Penalty
Statutes:Article - Commercial Law
(12-1401 through 12-1404)

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November 28, 2017 1:06 P.M.