Bill Text: MO HB1270 | 2014 | Regular Session | Enrolled

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Bill Title: Requires specified disclosures on new credit card processing service contracts

Spectrum: Partisan Bill (Republican 2-0)

Status: (Passed) 2014-06-27 - Delivered to Secretary of State (G) [HB1270 Detail]

Download: Missouri-2014-HB1270-Enrolled.html

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SECOND REGULAR SESSION

[TRULY AGREED TO AND FINALLY PASSED]

SENATE SUBSTITUTE FOR

SENATE COMMITTEE SUBSTITUTE FOR

HOUSE BILL NO. 1270

97TH GENERAL ASSEMBLY

4901S.06T                                                                                          2014                                                                                  

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AN ACT

To amend chapter 407, RSMo, by adding thereto one new section relating to credit card processing services.

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Be it enacted by the General Assembly of the state of Missouri, as follows:

            Section A. Chapter 407, RSMo, is amended by adding thereto one new section, to be known as section 407.1400, to read as follows:

            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.

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