Legislative Proposals Relating to the Payment Card Networks Act

Payment Card Networks Act

• 1 (1) Section 6 of the Payment Card Networks Act is renumbered as subsection 6(1).

• (2) Paragraphs 6(1)(b) to (e) of the Act are replaced by the following:

  • (a.1) respecting fees, including regulations

    • (i) respecting the manner of determining the fees,

    • (ii) respecting the maximum fee for prescribed circumstances, and

    • (iii) respecting the range of fees for prescribed circumstances,

  • (b) respecting the disclosure by a payment card network operator of certain fees and the manner in which the disclosure must be made;

  • (c) prescribing the time and manner in which a payment card network operator must give notice of any new fees or any changes in its fees, as well as to whom the notice must be given;

  • (d) respecting terms that a payment card network operator must include or exclude in any agreement entered into with an issuer or acquirer, including terms

    • (i) requiring or forbidding the issuer or acquirer to include certain rules in its agreements relating to payment cards with third parties, and

    • (ii) respecting the remedies that the payment card network operator may exercise against the issuer or acquirer if it fails to abide by any term in the agreement;

  • (e) respecting the remedies that the payment card network operator must exercise against an issuer or acquirer in prescribed circumstances;

• (3) Section 6 of the Act is amended by adding the following after subsection (1):

  • Definition of fee

    (2) For the purpose of subsection (1), fee means any amount paid or payable, including by periodic or lump sum payment, in relation to the acceptance, transmission or processing of payment transactions made by payment card for money, goods or services and in relation to the transfer of information and funds among issuers, acquirers, merchants and payment card users, other than an amount paid or payable by the payment card user.

2 Section 7 of the Act is replaced by the following: