1. What are the sources of payments law in your
jurisdiction?
Until recently, there was no specific legislation regulating all
the aspects of payments in Israel, although there were several laws
and regulations which handled certain fragments or types of payment
services.
On January 2019, the Knesset (the Israeli Parliament) enacted
the Payment Services Law, 5779-2019, which was supposed to become
effective on January 2020 but its validity is likely to be
postponed until July 2020.
Until the Payment Services law is effective, the regulation of
payments is based on the current existing laws:
- The Charge Cards Law, 5746-1986 which
deals with the relationships between holders of charge cards
(credit cards, debit cards, payments cards and bank (ATM) cards)
and the issuers thereof. It grants several consumers protections
and imposes several duties on the issuers including, among other
things, a requirement for a written agreement, disclosure
requirements,
