(a) If a payment acquirer fails to comply with § 47-22-402, the merchant may terminate the agreement; provided, however, prior to terminating the agreement, the merchant shall provide the payment acquirer written notice of the payment acquirer's failure to comply with § 47-22-402. The notice required by this subsection (a) shall specify the information the merchant requests under § 47-22-402. If the agreement sets out the manner by which notice pursuant to this subsection (a) shall be given, the terms of the agreement as to the manner in which the notice shall be given shall control.
(b) If noncompliance is based on a failure to disclose information described in § 47-22-402(1) or (3), the payment acquirer shall be given thirty (30) days from the date notice was provided to the payment acquirer pursuant to subsection (a) to comply with § 47-22-402 and provide the information. Notwithstanding subsection (a), if the payment acquirer complies with § 47-22-402(1) or (3) within the thirty-day period, the merchant shall not be allowed to terminate the agreement pursuant to this section.
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