§ 12-1401
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/md/commercial-law/12-1401A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§12–1401.
(a)In this subtitle the following words have the meanings indicated.
(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.