Processing services agreements, required disclosures
When a company offers credit card processing services in Missouri, the contract must clearly show four things: when the contract starts, how long it lasts, any monthly minimum fees, and any fees for ending the contract early. All of this information must be printed in a font no smaller than eight-point. This rule only applies to contracts signed after August 28, 2014, and does not apply to banks, savings associations, credit unions, or their related companies, or to trade and business organizations.
407.1400. Processing s agreements, required disclosures — inapplicability, when. — 1. Any person or that offers a card processing service in this state shall disclose the following on any contract or agreement to render a credit card processing service:
(1) The 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 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 that are otherwise available to a person or an entity that has with a credit card processing service.
4. The obligations of this section are and do not limit the obligations imposed under any other state or federal law.
5. The of this section shall not apply to:
(1) A or a that offers a credit card processing service or is a to a contract that offers a credit card processing service; or
(2) A or a 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, , or of any bank or savings association that offers a credit card processing service; or
(4) A 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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Source & history notes
(L. 2014 H.B. 1270)
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.