Bill > S576

This bill aims to regulate the credit and debit card industry in Massachusetts. It defines key terms such as "acquiring bank" (a financial institution that provides merchant accounts), "chargeback" (a reversal of a credit or debit card transaction), and "debit card" (any device or instrument that draws funds from a deposit account). The bill also requires financial institutions that authorize merchants to accept credit or debit cards to provide them with access to the full set of rules and a schedule of fees, and prohibits contracts from restricting merchants from disclosing this information. If the financial institution fails to provide the rules and rates, the merchant is not liable for chargebacks or associated fees, and the financial institution may face a civil penalty. Merchants whose rights under this act are violated can take legal action.

Business and Industry

https://malegislature.gov/Bills/190/S576