§ 12-1401

Maryland § 12-1401

• Jurisdiction: Maryland
• Article gcl: Commercial Law
• Title: 12

Text

(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.