Bill Summary for H 450 (2011-2012)

Summary date: 

Mar 23 2011
S.L. 2011-172

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 450 (Local) Filed Wednesday, March 23, 2011
TO PROHIBIT THE AUTOMATIC RENEWAL OF MERCHANT CREDIT CARD PROCESSING CONTRACTS.
Intro. by Starnes.

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Bill summary

Enacts new GS 22B-4 to provide that any contract provision that provides for the automatic renewal of a merchant credit card processing contract is against public policy and such a contract is void and unenforceable. Provides that nothing in this proposed section prohibits the renewal of contracts following a 60-day notice of an upcoming expiration from the processing company and an acceptance of the renewal signed by the merchant. Effective October 1, 2011, and applies to contract's entered into on or after that date and to contracts currently scheduled to renew automatically on or after that date.

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