(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 expiration of the initial term agreed on by a credit card processor and a business entity, the credit card processor may not assess a fee, fine, or penalty, unless a credit card processor and a business entity have entered into a separate renewal merchant processing agreement. (c) Subject to subsection (d) of this section, a merchant processing agreement shall disclose clearly and conspicuously in bold, 12 point font the following information: (1) The amount of any early termination fee, fine, penalty, or liquidated damages that may be assessed by the credit card processor for termination of a merchant processing agreement before the expiration of the initial term; (2) The expiration date of the merchant processing agreement; (3) The renewal date of the merchant processing agreement; and (4) The customer service contact information of the credit card processor, including telephone number, mailing address, and e-mail address. (d) The information required under subsection (c) of this section shall be: (1) Provided on the signature page of a merchant processing agreement; and (2) Initialed separately by the business entity. (e) The credit card processor shall provide a copy of the merchant processing agreement in electronic or paper form to the business entity at the time the business entity signs the merchant processing agreement.
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