1. Any person or entity that offers a credit card processing service in this state shall disclose the following information on any contract or agreement to render a credit card processing service:

(1) The effective date of the contract;

Terms Used In Missouri Laws 407.1400 v2

  • Contract: A legal written agreement that becomes binding when signed.
  • following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
  • State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020

(2) The term of the contract;

(3) The amount of any monthly minimum fee or charge for the credit card processing service; and

(4) The amount of any fee or charge for terminating the contract or agreement.

2. The disclosures required in subsection 1 of this section and any other terms and conditions pertaining to the use of the credit card processing service shall be printed in eight-point font at a minimum.

3. Nothing in this section shall limit the rights or remedies that are otherwise available to a person or an entity that has contracted with a credit card processing service.

4. The obligations of this section are cumulative and do not limit the obligations imposed under any other state or federal law.

5. The provisions of this section shall not apply to:

(1) A state bank or a state savings association that offers a credit card processing service or is a party to a contract that offers a credit card processing service; or

(2) A national bank or a national savings association that offers a credit card processing service or a party to a contract that offers a credit card processing service in connection with a national bank or national savings association; or

(3) The parent, affiliate, or subsidiary of any bank or savings association that offers a credit card processing service; or

(4) A credit union that offers a credit card processing service or is a party to a contract that offers a credit card processing service; or

(5) The parent, affiliate, or subsidiary of any credit union that offers a credit card processing service; or

(6) A trade or business organization or association that offers a credit card processing service or is a party to a contract that offers a credit card processing service.

6. The provisions of this section shall only apply to new contracts entered into after August 28, 2014.

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