Prepaid Payment Products Regulations

Marginal note:On product

7 For the purposes of subsections 452(2) and 570(2) of the Bank Act, 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:

• (a) the name of the issuing institution;

• (b) the date on which the prepaid payment product expires, if any;

• (c) if it is a promotional product, the date, if any, on which the person’s right to use the funds that are loaded on the product will expire;

• (d) a toll-free telephone number that can be used to make inquiries about the prepaid payment product, including balance inquiries and complaints; and

• (e) a website address where the information referred to in paragraphs 4(1)(a) to (e) and section 6 can be obtained.