Effective 28 Aug 2014

407.1400. Processing services agreements, required disclosures — inapplicability, when. — 1. Any person or entity that offers a credit card processing service in this state shall disclose the following information on any contract or agreement to render a credit card processing service:

(1) The effective date of the contract;

(2) The term of the contract;

(3) The amount of any monthly minimum fee or charge for the credit card processing service; and

(4) The amount of any fee or charge for terminating the contract or agreement.

2. The disclosures required in subsection 1 of this section and any other terms and conditions pertaining to the use of the credit card processing service shall be printed in eight-point font at a minimum.

3. Nothing in this section shall limit the rights or remedies that are otherwise available to a person or an entity that has contracted with a credit card processing service.

4. The obligations of this section are cumulative and do not limit the obligations imposed under any other state or federal law.

5. The provisions of this section shall not apply to:

(1) A state bank or a state savings association that offers a credit card processing service or is a party to a contract that offers a credit card processing service; or

(2) A national bank or a national savings association that offers a credit card processing service or a party to a contract that offers a credit card processing service in connection with a national bank or national savings association; or

(3) The parent, affiliate, or subsidiary of any bank or savings association that offers a credit card processing service; or

(4) A credit union that offers a credit card processing service or is a party to a contract that offers a credit card processing service; or

(5) The parent, affiliate, or subsidiary of any credit union that offers a credit card processing service; or

(6) A trade or business organization or association that offers a credit card processing service or is a party to a contract that offers a credit card processing service.

6. The provisions of this section shall only apply to new contracts entered into after August 28, 2014.

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(L. 2014 H.B. 1270)