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| Canadian Credit Card Industry Code Takes Effect |
by Mike Godfrey, Tax-News.com, Washington
Friday, August 20, 2010
Canadian Minister for Finance, Jim Flaherty noted on August 16 the entry into
force of the Code of Conduct for the Credit and Debit Card Industry.
“This Code will make fees and rates more transparent for business owners
and for consumers who use credit and debit cards,” Flaherty said. He added that the Code will “promote fairness, competition and choice.”
Under the Code, merchants will be:
- Provided with clear information regarding fees and rates;
- Given advance notice of any new fees and fee increases;
- Able to cancel contracts without penalty should fees rise or new fees be
introduced; and will be,
- Given new tools to promote competition, and in particular, will have the
freedom to accept credit payments from a particular network without the obligation
to accept debit payments and vice versa.
With the passage and Royal Assent of the Jobs and Economic Growth Act on July
13, the Financial Consumer Agency of Canada has been empowered to monitor compliance
with the Code.
While most sections of the Code take effect immediately, payment card networks
and acquirers have until February 17, 2011, to implement several disclosure
elements of the Code to allow sufficient time for them to make the necessary
changes to their systems.
If necessary, payment card issuers will also have until May 17, 2011 to re-issue
cards already in circulation that contravene Elements 6 and 7 of the Code, which
are applicable to debit cards that have access to multiple networks.
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