§ 4-115-101 - Credit card processing service -- Required disclosures -- Prohibitions. - Arkansas Statutes

4-115-101. Credit card processing service -- Required disclosures -- Prohibitions.

(a) (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:

(A) The effective date of the contract;

(B) The term of the contract;

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

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

(2) The disclosures required in subsection (a) of this section and any other terms and conditions pertaining to the use of the credit card processing service shall be printed in 8-point font at a minimum.

(b) A person or entity that offers a credit card processing service in this state shall not charge:

(1) A fee of more than fifty dollars ($50.00) for terminating a contract for credit card processing service; or

(2) A monthly minimum fee under a credit card processing service contract for more than one (1) month after the credit card processing service contract is terminated.

(c) Equipment rentals or lease purchase payments charged by a person or entity that offers a credit card processing service shall not be considered to be fees for the purposes of this chapter.