Maine payments and fintech laws

What it would do: Prohibits payment card acquirers from assigning firearms codes to merchants and payment card networks from requiring merchants to use firearms codes; firearms retailers must use general merchandise or sporting goods codes instead. Grants Attorney General enforcement authority with civil penalty provisions.

What it would do: Creates the Earned Wage Access Services Act, requiring providers to register with the Superintendent of Consumer Credit Protection, maintain a $50,000 surety bond, offer no-cost access to earned wages, cap delivery fees at $7.00, and prohibits credit reporting, debt collection, and late fees on outstanding proceeds.

What it would do: Repeals provisions of the Maine Money Transmission Modernization Act that impose requirements for unhosted wallets on money transmission licensees. Takes effect upon approval as an emergency measure.

What it would do: Creates a refundable tax credit for businesses with gross sales under $2,400,000 annually that accept credit or debit cards, allowing them to offset card transaction fees up to the lesser of actual fees paid or 2.5% of sales taxes remitted to the State.

What it would do: Permits sellers in sales transactions to impose a surcharge on credit card or debit card transactions if the surcharge does not exceed costs directly incurred and is clearly disclosed to consumers. Repeals chapter 202-B of Title 10 MRSA regarding credit card practices for travel service providers.

What it would do: Requires virtual currency kiosk operators to be licensed as money transmitters, limits daily transactions to $1,000 per customer, caps transaction fees at the greater of $5 or 3% of transaction value, and mandates operators ensure third parties using their kiosks are licensed and compliant.

What it would do: Requires money transmission licensees and authorized delegates to collect a $5 fee per transmission up to $500 plus 3% of amounts exceeding $500, remit fees quarterly to the state administrator, and allows senders a state income tax credit for fees paid.

What it would do: Allows time-share associations or managing entities to impose surcharges on credit card or debit card payments for fees and assessments if the surcharge is disclosed before payment and does not exceed the direct costs incurred by the association or assessed by a payment service provider.