[Sean Cash]

I think the key word in the original statement was "brokerage" I do know of a couple brokerage firms or ISO's that have come under scrutiny of the FTC for the representation of the services provided to the merchant and not being clear with their upfront and back end fees.

misrepresentation and fraud are different things from regulating the industry. There are some practices in the industry that are considered by some to be immoral but they are not fraudulent.

If you are misrepresenting or committing fraud, your problem is not legislation, it's law enforcement.