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2021 Maryland Statutes
Commercial Law
Title 12 - Credit Regulations
Subtitle 14 - Credit Card Processors
Section 12-1402 - Subtitle Not Applicable to Merchant Processing Agreement Between Credit Card Processor and Business Entity Under Certain Conditions
Universal Citation: MD. Commercial Law Code Ann. § 12-1402 (2021)
This subtitle does not apply to a merchant processing agreement between a credit card processor and a business entity:
(1) That may be terminated without assessment of fees, fines, penalties, or liquidated damages; or
(2) If at the time of entry into the merchant processing agreement, the business entity employs 50 or more employees or reasonably estimates that it will generate more than $2,000,000 in credit card or electronic commerce transactions each year.
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