Prohibits payment card networks from penalizing small businesses or financial intermediaries for credit card surcharge notice non-compliance.
This bill amends the general business law to prohibit payment card networks from imposing penalties on small businesses or financial intermediaries for failing to comply with credit card surcharge notice requirements. It declares any contract clause that allows such penalties to be void. The definition of "small business" aligns with the economic development law. The changes take effect immediately.
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