AN ACT relating to merchant processing agreements.

Summary

The bill creates a new law that caps any early‑termination penalty a processor can charge a business to $500 or the cost of equipment provided, whichever is greater. It also requires processors to display fee, expiration, renewal and contact information in bold, 12‑point font on the signature page and to obtain the business’s initials next to that notice. The rules apply to most merchants entering new processing agreements, with exemptions for large merchants or contracts that already waive such fees.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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