Payment Card Networks Act (S.C. 2010, c. 12, s. 1834)

Act current to 2014-11-25

Payment Card Networks Act

S.C. 2010, c. 12, s. 1834

Assented to 2010-07-12

An Act respecting payment card networks

[Enacted by section 1834 of chapter 12 of the Statutes of Canada, 2010; Act, other than sections 6 and 7, in force on assent July 12, 2010.]

SHORT TITLE

Marginal note:Short title

 This Act may be cited as the Payment Card Networks Act.

PURPOSE

Marginal note:Purpose

 The purpose of this Act is to regulate national payment card networks and the commercial practices of payment card network operators.

INTERPRETATION

Marginal note:Definitions

 The following definitions apply in this Act.

“acquirer”

« acquéreur »

“acquirer” means an entity that enables merchants to accept payments by payment card by providing merchants with access to a payment card network for the transmission or processing of those payments. It does not include that entity’s agent or mandatary.

“entity”

« entité »

“entity” means a corporation, trust or partnership, or an unincorporated association or organization.

“issuer”

« émetteur »

“issuer” means an entity or provincial Crown corporation that issues payment cards.

“Minister”

« ministre »

“Minister” means the Minister of Finance.

“payment card”

« carte de paiement »

“payment card” means a credit or debit card — or any other prescribed device — used to access a credit or debit account on terms specified by the issuer. It does not include a credit card issued for use only with the merchants identified on the card.

“payment card network”

« réseau de cartes de paiement »

“payment card network” means an electronic payment system — other than a prescribed payment system — used to accept, transmit or process transactions made by payment card for money, goods or services and to transfer information and funds among issuers, acquirers, merchants and payment card users.

“payment card network operator”

« exploitant de réseau de cartes de paiement »

“payment card network operator” means an entity that operates or manages a payment card network, including by establishing standards and procedures for the acceptance, transmission or processing of payment transactions and by facilitating the electronic transfer of information and funds.