Prepaid Payment Products Regulations (SOR/2013-209)

Marginal note:Definitions

1 The following definitions apply in these Regulations.

institution

institution means any of the following:

• (a) [Repealed, SOR/2021-181, s. 118]

• (b) [Repealed, SOR/2021-181, s. 118]

• (c) a retail association, as defined in section 2 of the Cooperative Credit Associations Act;

• (d) a company, as defined in subsection 2(1) of the Insurance Companies Act;

• (e) a foreign company, as defined in subsection 2(1) of the Insurance Companies Act; or

• (f) a company, as defined in section 2 of the Trust and Loan Companies Act. (institution)

maintenance fee

maintenance fee means a fee in relation to a prepaid payment product that is charged after the product has been purchased, other than a fee associated with the holder’s use of the product or of any service related to it. (frais de tenue de compte)

prepaid payment product

prepaid payment product means a payment card, whether physical or electronic, that is — or can be — loaded with funds and that can be used by the card holder to make withdrawals or purchase goods or services.  (produit de paiement prépayé)

promotional product

promotional product means a prepaid payment product that is purchased by an entity and distributed as part of a promotional, loyalty or award program. (produit promotionnel)