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Can you summarize 4 ARCO Chapter 115?
Consumer Protection > Credit Card Processing Service
Short Summary
This legal document, part of the Arkansas Code under the Business and Commercial Law section, governs the required disclosures and prohibitions for credit card processing services in the state. It applies to persons or entities providing credit card processing services. The document mandates specific information that must be disclosed on any contract or agreement, including the effective date, term, monthly minimum fee, and termination fee. These disclosures and other terms and conditions must be printed in a minimum 8-point font. The document also prohibits charging a termination fee of more than $50 or a monthly minimum fee for more than one month after termination. It clarifies that equipment rentals or lease purchase payments are not considered fees under this chapter. The document does not mention any specific penalties or exemptions. However, a violation of the provisions of this chapter constitutes an unfair and deceptive act or practice, with remedies, penalties, and authority granted to the Attorney General under 4-88-101 et seq. The chapter does not affect the jurisdiction of state or federal bank regulators over the regulation of credit card processing services provided by state or national banks. It also does not limit the rights or remedies available to persons or entities that have contracted with a credit card processing service. The obligations under this chapter are cumulative and do not limit the obligations imposed under any other state or federal law.
Whom does it apply to?
Persons or entities providing credit card processing services
What does it govern?
Required disclosures and prohibitions for credit card processing services
What are exemptions?
Contracts entered into before August 1, 2007, state banks, national banks, or savings associations as defined in 12 U.S.C. 1813 as of January 1, 2009, or the parent, affiliate, or subsidiary of such banks or associations
What are the Penalties?
A violation of the provisions of this chapter constitutes an unfair and deceptive act or practice, with remedies, penalties, and authority granted to the Attorney General under 4-88-101 et seq.
Jurisdiction
Arkansas