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ARTICLE · 01 MAY 2014

Prepaid Payment Products Regulations Coming Into Force

Osler, Hoskin & Harcourt LLP
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The Prepaid Payment Products Regulations will come into force on May 1, 2014.

CanadaFinance and Banking
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
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Tomorrow (May 1, 2014), the Prepaid Payment Products Regulations (the "Regulations") will come into force. The Regulations cover prepaid cards and other prepaid payment products ("Products") issued by federally regulated financial institutions, including banks. These Products are preloaded with funds that can be used by the product holder (the "Holder") to purchase goods or withdrawal funds via a payment network such as American Express, MasterCard or Visa.

The Regulations requires federally regulated financial institutions that issue Products to disclose in a manner that is clear, simple and not misleading:

  • all fees, associated with the Product, in an information box that appears prominently on the Product's exterior packaging and other information prior to issuance of the Product;

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