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Can I accept payments online without violating payment processing laws in Maryland? What are the requirements?

Requirements for Accepting Online Payments in Maryland

To accept payments online in Maryland, you must comply with the state’s payment processing laws. The Maryland Division of Financial Regulation regulates payment processing in the state [1.2]. Here are the requirements you need to meet:

  1. Obtain a Money Transmitter License: If you are a payment processor, you must obtain a money transmitter license from the Maryland Division of Financial Regulation [1.2].
  2. Comply with Anti-Money Laundering (AML) Regulations: Payment processors must comply with AML regulations, including the Bank Secrecy Act (BSA) and the USA PATRIOT Act [1.2].
  3. Protect Customer Data: Payment processors must protect customer data by complying with the Payment Card Industry Data Security Standard (PCI DSS) [1.2].
  4. Disclose Fees: Payment processors must disclose all fees associated with their services to customers [1.2].
  5. Comply with Consumer Protection Laws: Payment processors must comply with Maryland’s consumer protection laws, including the Maryland Consumer Protection Act [1.2].

Conclusion

To accept payments online in Maryland, you must obtain a money transmitter license, comply with AML regulations, protect customer data, disclose fees, and comply with consumer protection laws. It is important to note that this is not an exhaustive list of requirements, and you should consult with a legal professional to ensure that you are in compliance with all applicable laws and regulations.

Source(s):
Jurisdiction

Maryland