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Tennessee Code Title 47. Commercial Instruments and Transactions § 47-22-402

Current as of January 02, 2024 | Updated by Findlaw Staff

Any payment acquirer that contracts directly with a merchant to provide payment services shall:

(1) Provide the merchant with information indicating where the merchant may obtain access to the operating rules, regulations, and bylaws applicable under the agreement with the merchant; provided, however, nothing in this subdivision (1) shall require access by the merchant to information made proprietary or confidential by law or contract;

(2) Disclose the following information in any agreement with the merchant:

(A) The effective date of the agreement;

(B) The term of the agreement;

(C) The provisions for early termination or cancellation of the agreement, if any; and

(D) A complete schedule of all payment services fees applicable to the credit card, debit card, or other payment card services under the agreement; and

(3) At the regular period agreed upon by the payment acquirer and the merchant, but not less than monthly, promptly supply the merchant with a statement, which may be electronic, that includes:

(A) An itemized list of all payment services fees assessed since the previous statement;

(B) The total value of the transactions processed by the payment acquirer for the merchant during the statement period; and

(C) If the payment acquirer is not a bank holding company, an indication of the aggregate fee percentage, which shall be calculated by dividing the sum of all payment services fees accrued during the statement period by the total value of the transactions processed by the payment acquirer for the merchant during the statement period.

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Cite this article: FindLaw.com - Tennessee Code Title 47. Commercial Instruments and Transactions § 47-22-402 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-47-commercial-instruments-and-transactions/tn-code-sect-47-22-402/

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