New Rules in Canada for Payments Contracts

more+
less-

New rules came into effect in Canada on Nov 12, 2013 dealing with contracts between merchants and payment providers (including banks), payment networks, payment hardware providers or multiple service providers, in the credit and debit card and payment processing industry.  The rules issued by the Commissioner of the Financial Consumer Agency of Canada in Guidance CG-10 provide for, among other things, increased transparency and disclosure of certain contract terms, notification procedures for new fees or fee increases, and cancellation of contracts by merchants without penalties in certain circumstances.  The rules may apply to contracts between merchants and debit and credit card industry participants such as acquirers, hardware manufacturers, payment card network operators, independent sales organizations, card issuers and outsourced third-party service providers.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Bennett Jones LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×
×