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Can you summarize SOR /2013-209?
Consolidated Regulations > Prepaid Payment Products Regulations
Short Summary
The Prepaid Payment Products Regulations apply to prepaid payment products that are issued in Canada by institutions. The regulations require clear and simple language in any disclosure related to the products. They outline the manner and content of initial disclosures, including information about the issuing institution, restrictions on product use, fees, and expiration of the right to use funds. The regulations also specify additional disclosure requirements on issuance of the product, including terms and conditions, balance verification, and partial payment options. Institutions must disclose certain information directly on the prepaid payment product or electronically upon request. The regulations prohibit fee increases without proper notice, impose restrictions on expiry dates and maintenance fees, and require express consent for overdraft fees or interest. The regulations came into force on May 1, 2014.
Whom does it apply to?
Institutions issuing prepaid payment products in Canada
What does it govern?
Prepaid Payment Products Regulations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Canada