TO PROHIBIT THE AUTOMATIC RENEWAL OF MERCHANT CREDIT CARD PROCESSING CONTRACTS.
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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