What are the laws governing online payments?
In Rhode Island, online payments are regulated by state and federal laws. The State of Rhode Island has enacted the Electronic Fund Transfer Act, which regulates the conduct of institutions and businesses that offer electronic payment services, such as debit cards, stored-value cards, automated teller machines, and other forms of electronic payment. The Act requires that any electronic payment business must provide the consumer with a fee schedule, limits on fees, and other important information, such as the terms of service and the ability to cancel any transaction. The Federal Trade Commission (FTC) also regulates online payments through its Telemarketing Sales Rule. This rule requires merchants to protect consumers by providing full disclosure of any fees associated with purchase or payment, and by providing a comprehensive refund policy. Additionally, merchants must provide consumers with the right to cancel any transaction within three business days of making the purchase. In conclusion, entrepreneurs engaging in online payments in Rhode Island should be aware of both the State and federal laws governing the activity. The Electronic Fund Transfer Act and the Telemarketing Sales Rule both provide important consumer protections when dealing with online payments. Following the laws and regulations will help protect both businesses and consumers from risk and fraud.
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