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Can you summarize MORS 407.1400?
Merchandising Practices > Processing services agreements, required disclosures inapplicability, when.
Short Summary
This legal document pertains to credit card processing service contracts in the state of Missouri. It requires any person or entity offering such services to disclose certain information in the contract, including the effective date, term, monthly minimum fee, and termination fee. The required disclosures and terms must be printed in a minimum of eight-point font. The document clarifies that it does not limit the rights or remedies available to those who have contracted with a credit card processing service. It also states that the obligations under this document are cumulative and do not override obligations imposed by other state or federal laws. However, there are exemptions to this document, which include state and national banks, state and national savings associations, credit unions, parent/affiliate/subsidiary entities of banks or savings associations, and trade/business organizations or associations. Additionally, this document only applies to new contracts entered into after August 28, 2014.
Whom does it apply to?
Persons or entities offering credit card processing services in the state
What does it govern?
Credit card processing service contracts
What are exemptions?
State and national banks, state and national savings associations, credit unions, parent/affiliate/subsidiary entities of banks or savings associations, trade/business organizations or associations
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Missouri