(a) In this subtitle the following words have the meanings indicated. (b) (1) “Credit card processor” means a person that processes credit card or electronic commerce transactions on behalf of a business entity for a fee. (2) “Credit card processor” includes: (i) A merchant services provider; (ii) A financial institution; (iii) An independent sales organization; and (iv) Any subsidiary or affiliate of an […]
This subtitle does not apply to a merchant processing agreement between a credit card processor and a business entity: (1) That may be terminated without assessment of fees, fines, penalties, or liquidated damages; or (2) If at the time of entry into the merchant processing agreement, the business entity employs 50 or more employees or reasonably estimates […]
(a) If a business entity cancels a merchant processing agreement before the expiration of the initial term agreed on by the credit card processor and the business entity, the credit card processor may not assess or charge a fee, fine, or penalty that exceeds $500. (b) If a business entity terminates the merchant processing agreement after the […]
If a complaint about a violation of § 12–1403 of this subtitle is filed with the Commissioner of Financial Regulation, the Commissioner may investigate the complaint and use any of the investigative and enforcement powers provided under Title 2, Subtitle 1 of the Financial Institutions Article.
