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Can you summarize 9-B MERS Section 243-A?
ANTICOMPETITIVE OR DECEPTIVE PRACTICES > Electronic terminals; fees for and records of transactions
Short Summary
This legal document governs the fees for and records of transactions made through electronic terminals. It applies to financial institutions authorized to do business in Maine and credit unions authorized to do business in Maine. According to the document, financial institutions may charge fees for the use of electronic terminals, including reasonable foreign transaction fees. The fees must be disclosed to customers either through signage or electronically during the transaction. Financial institutions may also charge their own customers a reasonable fee for the use of electronic terminals. Additionally, the document requires electronic terminals to provide customers with a record of each transaction, including the amount, date, type of transaction and account, customer identification, terminal location, and third-party information if provided by the customer. The document also allows financial institutions to mutually agree not to charge foreign transaction fees. No specific exemptions or penalties are mentioned in the document.
Whom does it apply to?
Financial institutions authorized to do business in Maine and credit unions authorized to do business in Maine
What does it govern?
Fees for and records of transactions made through electronic terminals
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Maine