Key Benefits:
Minister of Economy, Industry and Employment,
Given the monetary and financial code, including its articles L. 131-73, L. 133-1-1, L. 133-6, L. 133-7, L. 133-9, L. 133-17 to L. 133-20, L. 133-22, L. 133-24, L. 133-24-1, L. 133-25 to L. 133-25-2, L. 314-2, L. 312-1, L. 312-1-1, L. 314-9 to L. 314-15, L. 315-1, L. 351-1, L. 518-1 and L. 521-1 ;
Considering Decree No. 2001-45 of 17 January 2001;
Given the opinion of the Financial Legislation and Regulation Advisory Committee dated 20 July 2009,
Stop it!
Any opening of a payment account shall be subject to the conclusion of a contract between the payment service provider and its client in accordance with the provisions of I of thearticle L. 312-1-1 and articles L. 314-12 and L. 314-13 monetary and financial code.
For the purposes of this Order, the term "payment account" means deposit accounts, accounts opened by payment institutions in accordance with Article L. 522-4 the same code and any other account as defined Article L. 314-1 the same code, opened by natural persons not acting for professional needs.
Not affected by this Order are accounts subject to specific regulations, including book accounts, term accounts and financial instruments accounts and the cash accounts that are specifically associated with them.
The contract mentioned articles L. 312-1-1 or L. 314-12 the monetary and financial code includes the following information which, when applicable to payment transactions, only applies to the payment transactions referred to in Article L. 314-2 the same code:
1. On the payment service provider:
(a) The name of the payment service provider, the address of its head office or central administration and, where applicable, the address of its agent or branch, and all other addresses, including the e-mail address, to be considered for communication with the payment service provider;
(b) The contact details of the competent control authorities and the information allowing the user to ensure the authorization of the payment service provider, including information to consult the list of payment service providers;
2. On the use of a payment service:
(a) A description of the main features of the payment service to be provided;
(b) The specific information or unique identifier that the payment services user must provide for the correct execution of his payment order;
(c) The form and procedure to give consent to the execution of a payment transaction and to withdraw that consent, in accordance with articles L. 133-6 and L. 133-7 monetary and financial code;
(d) Information on the timing of receipt of the payment order as defined at Article L. 133-9 the same code and the possible deadline established by the payment service provider;
(e) The maximum delivery time in which the payment service must be provided;
(f) The possibility, if it exists, to agree on spending limits for the use of the payment instrument;
(g) The power of attorney, the scope of a power of attorney and the conditions and consequences of its revocation;
(h) The fate of the payment account upon death of one of the holders of the payment account;
(i) The confidentiality obligations to the payment service provider, subject to the exceptions provided by the regulations or contractually defined;
3. On fees, interest rates and exchange rates:
(a) All fees payable by the payment service user to the payment service provider and, where applicable, the details of these fees;
(b) If applicable, interest and exchange rates to be applied or, if reference interest and exchange rates are to be used, the method of calculating the interest rate to be applied, and the date and the index or base to determine the interest rate or reference exchange rate;
(c) The terms and conditions for applying the changes to interest and exchange rates in accordance with the provisions of Article 8 of this Order;
4. On communication between the user and the payment service provider:
(a) means of communication, including technical requirements applicable to the equipment of the payment service user, agreed between the parties for the purpose of transmitting information or notifications;
(b) The modalities and frequency that the information provided in section I of chapter II and chapter IV of title I of book III of the monetary and financial code is provided or made available;
(c) Where applicable, the language(s) in which the contract is entered into and the communication made during that contractual relationship;
(d) The mention of the right of the user of payment services to receive the contractual terms of the contract, as well as the information and conditions provided for in this article;
(e) The purposes of the data processing carried out by the payment service provider, the recipients of the information, the right to object to the processing of data for commercial prospecting purposes and the terms and conditions for the exercise of the right of access to information concerning the client, in accordance with the laws in force;
5. Protection measures and corrective actions:
(a) Where applicable, a description of the measures that the payment service user must take to preserve the security of a payment instrument and the terms and conditions of information of the payment service provider for the purposes provided by Article L. 133-17 monetary and financial code;
(b) Where applicable, any conditions in which the payment service provider reserves the right to block a payment instrument;
(c) Payor liability in accordance with Articles L. 133-19 and L. 133-20 the same code;
(d) The deadline and the terms and conditions under which the payment service user must inform the payment service provider of the unauthorized or improperly executed payment transactions, in accordance with Article L. 133-24 of the same code;
(e) The liability of the payment service provider for unauthorized payment transactions in accordance with Article L. 133-18 of the same code;
(f) The liability of the payment service provider for the execution of payment transactions, in accordance with Article L. 133-22 of the same code;
(g) Reimbursement conditions in accordance with Articles L. 133-25 to L. 133-25-2 the same code;
6. On the modification and termination of the contract:
(a) The fact that the payment service user is deemed to have accepted the amendment of the terms and conditions in accordance with the II of Article L. 312-1-1 or III'article L. 314-13 the monetary and financial code, unless notified to the payment service provider of its refusal to do so before the proposed date for the entry into force of this amendment;
(b) The duration of the contract;
(c) The right of the user of payment services to terminate the contract and the terms and conditions of such termination, in accordance with II and III of Article L. 312-1-1 III and IV Article L. 314-13 the same code;
7. At the joint accounts:
(a) Procedures for the operation and closing of an attached payment account;
(b) The terms and conditions and consequences on the terms of the contract referred to in I of Article L. 312-1-1 or article L. 314-12 the monetary and financial code of denunciation of a payment account attached by one of the holders;
8. On appeal:
(a) The law applicable to the contract and the competent court;
(b) Extrajudicial complaints and remedies open to the user of payment services, including the existence of a mediator who may be seized free of charge in the event of a dispute arising from the application of the deposit account agreement or the payment services framework contract and the terms and conditions of access to that mediator, in accordance with Article L. 315-1 monetary and financial code.
The deposit account agreement must also specify:
(a) If, on the date of the conclusion of the agreement, the deposit account holder has a cheque. In the event of immediate non-delivery, the status of the deposit account holder is reviewed periodically. The agreement shall inform the account holder of the review procedure. The agreement recalls the regulations on the unfunded cheque. The agreement invites the account holder to specify the means by which the credit institution or the organization referred to in Article L. 518-1 the monetary and financial code may, if any, attach it to inform it, pursuant to Article L. 131-73 monetary and financial code before refusing to pay, the consequences of the failure to provide a cheque that it would have issued.
(b) The consequences of an unauthorized debit position, the conditions under which the deposit account holder is informed of it and the applicable rate.
If the establishment decides to give its customers an authorized debit position of less than three months, the agreement shall mention it and, where appropriate, return to a specific agreement, which shall specify the object and which is annexed to it. This agreement sets the conditions for the use of this authorized discovery, including tariff conditions.
(c) The provisions of Article L. 312-1 the monetary and financial code under which any person without a deposit account and who has been denied the opening of such an account by the selected establishment may request the Bank of France to designate an establishment, which will then be required to provide all of the products and services listed by Article D. 312-5 monetary and financial code.
When a deposit account is opened by a credit institution designated by the Bank of France pursuant to Article L. 312-1 the monetary and financial code, the corresponding deposit account agreement also provides for the free supply of all products and services listed in Article D. 312-5 the monetary and financial code for basic banking services.
Any new service offered by a payment service provider is subject to a contract amendment in accordance with II of Article L. 312-1-1 or in the third of Article L. 314-13 of the monetary and financial code or the establishment of a new contract in accordance with Article L. 312-1-1 or Articles L. 314-12 and L. 314-13 of the same code.
For the execution of the operations mentioned in theArticle L. 314-2 of the Monetary and Financial Code, before the payment service user is bound by a contract for an insulated payment transaction, the payment service provider shall provide or make available to it the following information:
(a) The specific information or unique identifier that the payment services user must provide for the correct execution of his payment order;
(b) The maximum delivery time in which the payment service is provided;
(c) All fees payable by the payment service user to the payment service provider and, where applicable, the details of these fees;
(d) If applicable, the actual or reference exchange rate that must be applied to the payment transaction.
Where applicable, the other useful information and conditions referred to in Article 2 are made available to the payment service user in a readily accessible form.
For payment transactions mentioned in theArticle L. 314-2 of the Monetary and Financial Code, after receiving a payment order for an isolated payment transaction or after the execution of a payment transaction, the payment service provider shall provide the following information to the customer:
(a) A reference allowing its client to identify the payment transaction and if its client is the payer, if any, the information relating to the other party to the transaction or, if its client is the beneficiary, any information communicated with the payment transaction that is intended to it and, where applicable, a reference to identify the payer;
(b) The amount of the payment transaction;
(c) The amount of the costs attributable to the payment transaction and, where appropriate, the details of the costs;
(d) When the payment transaction is performed in a currency different from that in which the payment account is taken, the exchange rate applied to the payment transaction or a reference to that rate and the amount of the payment transaction expressed in each of the currencies concerned;
(e) Where applicable, the date of receipt of the payment order or the date of value of the credit or debit.
Changes in interest or exchange rates applied to payment transactions are implemented and calculated in a neutral manner that does not discriminate against users of payment services.
Changes in interest or exchange rates may apply immediately and without notice, provided that the contract anticipates and that the changes are based on agreed interest or exchange rates.
The payment service user shall be informed of any change in the interest rate as soon as possible, unless the parties have agreed on a particular frequency or terms of the provision or provision of the information.
Changes in interest or exchange rates that are more favourable to users of payment services may be applied without notice.
For application of theArticle L. 314-15 of the Monetary and Financial Code, the contract referred to in Article 2 must mention the main features of the payment services and their terms and conditions of operation, as well as the rates applicable to the corresponding payment transactions and the rules applicable to the unauthorized card payment transactions provided for inArticle L. 133-1-1 of the monetary and financial code.
The contract also specifies the terms of information on credit or debit transactions resulting from the use of payment services as well as the information provided in paragraphs 2 (f to i), 4 (a, c and e), 5 (a and b), 6 and 8 of Article 2 of this Order.
For operations mentioned in theArticle L. 314-15 of the Monetary and Financial Code, after receiving a payment order for an insulated payment transaction or after the execution of a payment transaction, the payment service provider must provide the payment service user with the information provided for in Article 7 of this Order, with the exception of the details of the fees and exchange rate applied to the payment transaction or the reference to that rate. The parties may make a contractual decision that such information will be provided or made available in accordance with the terms or frequency set out in paragraph 4 (b) of Article 2 of this Order.
The Order of 8 March 2005 pursuant to Article L. 312-1-1 of the Monetary and Financial Code is repealed.
This Order comes into force on 1 November 2009.
The present order will be issued in the Official Journal of the French Republic.
Done in Paris, July 29, 2009.
Christine Lagarde
