Prepaid Payment Products Regulations
Marginal note:Definitions
1 The following definitions apply in these Regulations.
- 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
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)
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