2021 Maryland Statutes
Commercial Law
Title 12 - Credit Regulations
Subtitle 14 - Credit Card Processors
Section 12-1401 - Definitions
(a) In this subtitle the following words have the meanings indicated.
(b) (1) “Credit card processor” means a person that processes credit card or electronic commerce transactions on behalf of a business entity for a fee.
(2) “Credit card processor” includes:
(i) A merchant services provider;
(ii) A financial institution;
(iii) An independent sales organization; and
(iv) Any subsidiary or affiliate of an entity listed in items (i) through (iii) of this paragraph.
(c) “Merchant processing agreement” means a contract between a credit card processor and a business entity under which the business entity agrees to pay the credit card processor for processing credit card or electronic commerce transactions on behalf of the business entity.
