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2017 Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 7 - Consumer Protection
Chapter 115 - Credit Card Processing Service
§ 4-115-101. Credit card processing service -- Required disclosures -- Prohibitions
Universal Citation: AR Code § 4-115-101 (2017)
- (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.
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