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Can you summarize 75 MSCO Chapter 24, Credit Card Processing Hardware and Software?
Regulation of Business for Consumer Protection > Credit Card Processing Hardware and Software
Short Summary
This legal document, as per the Mississippi Code 1972, regulates the requirements for credit card processing hardware and software provided to retail merchants. It mandates that starting from January 1, 2011, all business entities and their agents must provide hardware or software that complies with the Fair and Accurate Credit Transactions Act of 2003. The provided hardware or software should not print more than the last five digits of the credit card or debit card account number, nor the expiration date of the card, on the receipt provided to the cardholder. The provisions apply only to electronically printed receipts and do not cover transactions where the cardholder’s account number is recorded by handwriting, imprint, or copy of the card. Any business entity found willfully violating these provisions may face fines ranging from One Hundred Dollars ($100.00) for a first offense, Five Hundred Dollars ($500.00) for a second offense, and up to One Thousand Dollars ($1,000.00) for subsequent offenses.
Whom does it apply to?
Business entities and their agents
What does it govern?
Requirements for credit card processing hardware and software provided to retail merchants
What are exemptions?
Transactions where the cardholder's account number is recorded by handwriting, imprint, or copy of the card
What are the Penalties?
Fines ranging from One Hundred Dollars ($100.00) for a first offense, Five Hundred Dollars ($500.00) for a second offense, and up to One Thousand Dollars ($1,000.00) for subsequent offenses
Jurisdiction
Mississippi