What are the laws and regulations regarding online payment processing?

Online payment processing is governed by a variety of laws and regulations in the state of Maryland. These laws and regulations are designed to protect both businesses and consumers and ensure that the digital payments process is secure. The Maryland Online Payment System Security Act, for example, requires organizations that process online payments to maintain reasonable security measures. This includes measures such as encryption technology and administrative measures to detect unauthorized access to or use of online payment data. The Maryland Law Against Identity Theft, meanwhile, requires organizations to protect the personal information of consumers, such as Social Security numbers, bank account numbers, and credit card numbers. Such information may not be stored online unless it has been encrypted or redacted. Organizations are also subject to certain federal regulations, such as the Payment Card Industry Data Security Standard (PCI DSS), which was developed by the major credit card providers to ensure the secure processing of credit card transactions. This includes having a comprehensive security program in place and regularly updating it to address any new risks. Finally, organizations must comply with the various applicable laws in Maryland, such as the Maryland Consumer Protection Act. This law protects consumers from fraud and deceptive acts or practices in the offering or sale of goods and services. It also requires businesses to clearly disclose information regarding the terms of a sale, including the cost and any associated fees or charges.

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What are the laws and regulations regarding online payment processing?

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