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Can you summarize S.C. 2021, c. 23, s. 177?
Consolidated Acts > Retail Payment Activities Act
Short Summary
The Retail Payment Activities Act is an Act that governs retail payment activities performed by payment service providers in Canada. It applies to payment service providers that have a place of business in Canada and those that perform retail payment activities for end users in Canada. The Act does not apply to certain retail payment activities, such as payment functions performed with instruments issued by merchants, payment functions related to eligible financial contracts or prescribed transactions in securities, and cash withdrawals at automatic teller machines. The document does not specify penalties for non-compliance with this Act.
Whom does it apply to?
This Act applies to payment service providers that have a place of business in Canada and payment service providers that perform retail payment activities for end users in Canada.
What does it govern?
This Act governs retail payment activities performed by payment service providers in Canada.
What are exemptions?
This Act does not apply to certain retail payment activities, such as payment functions performed with instruments issued by merchants, payment functions related to eligible financial contracts or prescribed transactions in securities, and cash withdrawals at automatic teller machines.
What are the Penalties?
Penalties for non-compliance with this Act are not specified in the provided document.
Jurisdiction
Canada