Prepaid Payment Products Regulations

Marginal note:Definitions

1 The following definitions apply in these Regulations.

institution

institution

institution means any of the following:

• (a) a bank, as defined in section 2 of the Bank Act;

• (b) an authorized foreign bank, as defined in section 2 of the Bank Act;

• (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

frais de tenue de compte

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

produit de paiement prépayé

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

produit promotionnel

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)