Prepaid Payment Products Regulations (SOR/2013-209)
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Regulations are current to 2024-03-06 and last amended on 2014-05-01. Previous Versions
AMENDMENTS NOT IN FORCE
— SOR/2021-181, s. 118
118 Paragraphs (a) and (b) of the definition institution in section 1 of the Prepaid Payment Products RegulationsFootnote 11 are repealed.
Return to footnote 11SOR/2013-209
— SOR/2021-181, s. 119
119 The portion of subsection 4(1) of the Regulations before paragraph (a) is replaced by the following:
Manner and content
4 (1) For the purposes of subsection 385.18(2) of the Cooperative Credit Associations Act, subsections 482(1.1) and 601(2) of the Insurance Companies Act and subsection 438(1.1) of the Trust and Loan Companies Act, the following information must, before a prepaid payment product is issued, be provided in any document that the issuing institution prepares for the issuance of the product, including on the product’s exterior packaging, if any, and be provided in writing to any person applying to the institution for the product:
— SOR/2021-181, s. 120
120 The portion of subsection 6(1) of the Regulations before paragraph (a) is replaced by the following:
On issuance
6 (1) For the purposes of subsection 385.18(3) of the Cooperative Credit Associations Act, subsections 482(2) and 601(3) of the Insurance Companies Act and subsection 438(2) of the Trust and Loan Companies Act, any charges for which a natural person to whom a prepaid payment product is issued becomes responsible by accepting or using the product, as well as the following information, must be disclosed in writing to that person on issuance of the product:
— SOR/2021-181, s. 121
121 The portion of section 7 of the Regulations before paragraph (a) is replaced by the following:
On product
7 For the purposes of subsection 385.18(3) of the Cooperative Credit Associations Act, subsections 482(2) and 601(3) of the Insurance Companies Act and subsection 438(2) of the Trust and Loan Companies Act, an institution must disclose the following information by setting it out directly on the prepaid payment product or, if the product is electronic, by disclosing it electronically on the product holder’s request:
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