Missouri Revised Statutes













Chapter 407

Merchandising Practices

←407.1385

Section 407.1400.1

407.1500→

August 28, 2015

Processing services agreements, required disclosures--inapplicability, when.

407.1400. 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.



(L. 2014 H.B. 1270)







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