Payment Services And Electronic Cash Law

Original Language Title: Maksājumu pakalpojumu un elektroniskās naudas likums

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Read the untranslated law here: https://www.vestnesis.lv/ta/id/206634

The Saeima has adopted and the President promulgated the following laws: the law of payment services chapter I General provisions article 1. The law is applied in the following terms: 1): (a) the payment service) service as a result of which it is possible to deposit cash on a payment account as well as all the operations required by the payment service provider to ensure that the payment service user the ability to use a payment account, (b)), which results in the service it is possible to withdraw cash from a payment account as well as all the operations required by the payment service provider to ensure that the payment service user the ability to use a payment account , c) payment, including direct debit payments, lump sum payment, direct debit, payment is made with a payment card or a similar device, the kredītpārvedum, as well as the regular payment. This referred to the payment service is also a money order to the payment account opened by the payment service user by the payment service provider or by another payment service provider, d) payment, including direct debit payments, lump sum payment, direct debit, payment is made with a payment card or a similar device, the kredītpārvedum, as well as the regular payment. In this section, the term "service" refers to the payment service user to the payment service available to the money shall be applied to the credit limit, e) payment instrument release and reception, f) bezkont the money order payment, g), if the consent of the person to make the payment goes through means of distance communication, digital or it device and the payment is made if the telecommunications, information technology, system or network operator, which is only a payment service user and the seller of the goods or service provider, intermediary;
2) payment authority: (a)) company, which according to the requirements of this law received the financial and capital market Commission (hereinafter the Commission) license for payment institutions activities, b) natural or legal person to whom according to this law, the provisions of article 5 of the payment institutions activities is not required to be licensed;
3 payment: the payer or) recipient initiated action that aims to put the money, to make a money transfer or withdraw money and which is independent of the payer or the recipient's legal relationship underlying obligations;
4) payment system, money transfer system, which includes a standardized agreement for payment processing, post (clearing) or settlement rules and procedures;
5) person, natural or legal person who: (a) the payment of the account holder) is and gives permission to take payment from the payment account, b) gives the payment order if it does not have a payment account;
6) recipient: the person or entity that is the planned transfer of the money, including money transfers, recipient;
7) payment service users: the natural or legal person who uses the payment service as the payer or the recipient or as a person and the recipient (the user of the service);
8) standard — payment service agreement, governed by separate and repeat payments and which may include the payment of obligations and conditions for account opening;
9 bezkont of money order) — service payments as a result of which money received from a payer, without having to open a payment account, not the payer, not the recipient, and whose only purpose is to send a certain amount of money to a beneficiary or payment service provider acting on behalf of the beneficiary, or leading payment service provider receives this amount of money and made available to the beneficiary;
10) payment account: an account that you open on one or more payment service users of the word and use the payment;
11) payment order: payer or the recipient's challenge to his payment service provider to execute payments;
12) value date-report time by the payment service provider is used to calculate the interest on the money that written-off from or credited to a payment account;
13) payment institutions represented by: the natural or legal person who is acting in the provision of payment services to payment authority (hereinafter also – representative);
14) payment instrument — any personalised device or a set of procedures for which the payment service user and the payment service provider has agreed to and that the payment service user will use to payments proposed; 15) means of distance communication: any tool that no payment service providers and payment service users the simultaneous physical presence of the payment service can be used for the conclusion of the contract;
16) durable medium: any instrument that the payment service user enables the store information addressed personally to him in a way as to ensure the availability and use of the information, without providing information needed for the period;
17) work day — the day the payment service provider of the payer or the payee's payment service provider within the time in which the payment service provider of the payer or the payment service provider of the payee shall take steps required for the execution of payments;
18) direct debit payment-payment service, which results in money is written off from the payer's payment account, where a payment recipient proposes, on the basis of the recipient, the payee's payment service provider or payer's payment service provider of the payer to give consent;
19) presence — the fact that a company directly or indirectly holds at least 20 per cent of the share capital of another company or voting shares or the amount of shares;
20) company group — a group that consists of the parent company, its subsidiary companies, commercial companies in which the parent or the subsidiary has a membership and commercial companies, parent company, subsidiary company or companies in which the parent or the subsidiary has a presence, connect the common management of the company in accordance with the signed agreement or the articles of incorporation of a company, or the provisions of the statute or in the course of the financial year at least half of any governing body members are one and the same person;
21) initial capital — capital that consists of: (a)) paid shares or capital (share capital), reduced by the value of the preference shares with a dividend accumulation, (b)) share premium the share premium, or c) reserves, excluding revaluation reserve, d) previous years retained earnings or loss in current year e) earnings, if the auditor is sworn or certified auditor commercial companies (hereinafter referred to as the sworn auditor) report on the existence of profit and its calculated taking into account all the necessary provisions for impairment of assets, estimated tax payments, and dividends, and if the Commission has agreed to the current year's profit for inclusion in the initial capital;
22) equity: payment institutions audited financial statements reflect capital, reserves and liabilities elements that are freely available to the payment authority with operational risks associated, but not yet identified potential losses;
23) qualifying holdings — a person or several persons on the agreement jointly work directly or indirectly for participation, which covers 10 and more percent of the company's share capital or of the voting shares or amount of shares or allows significantly affect the company's financial and operational policies;
24) reference exchange rate: exchange rate of Exchange to be used in the calculation, for which the payment service provider shall inform the payment service user or that is obtained by means of a publicly available source;
25) authentication: a procedure that payment service provider enables you to check a particular payment instrument use, so personalized security elements;
26) reference interest rate: the interest rate used in the provision of payment services for the calculation of interest applicable and payable by the parties to the contract of service may be checked by means of a publicly available source;
27) unique identifier: a letter, number, or combination of characters that payment service provider determines the payment service user and the payment service user you specify to identify unambiguously the other payment service the users of the payment or their payment account.
2. article. (1) this law determines the payment service provider and the payment service users ' rights, duties and responsibilities, requirements for the provision of payment services as well as payment institutions are governed by legal status, activities and responsibilities.
(2) payment services can be provided: 1);
2) an electronic money institution;
3) postal operator, which according to laws or regulations is right to provide payment services;
4) payment authority;

5) European Central bank, the Bank of Latvia or other national central bank, as it carries out activities that are not monetary policy actions or other public person;
6) direct administration or a public person, derived as it carries out activities that are not public people;
7) in a Member State of the European Union or the European economic area (hereinafter referred to as Member States) authorised payment institution which article 31 of this law in accordance with the procedures specified in the operations launched in Latvia. (3) this law, 57., 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 78, 77, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92.., 93, 94, 95, 96, 98, 99, 101, 100, 102, 103 and 104. article apply to payment service providers that provide payment services in Latvia If the payer and the payee's payment service provider is situated in a Member State and a euro payment services or the national currency of a Member State.
(4) in this Act the amount of money the euro be considered equivalent amounts in LCY that recalculated in accordance with the exchange rate set by the Bank.
3. article. This law shall not apply to: 1) payments in cash made by the payer to the recipient directly, without involving a mediator;
2) payments made by the payer to the recipient performed with the traders, who have the right to sell or buy goods or services;
3) for the physical notes and coins for transportation, collection, processing and also for delivery, if it is carried out in the business, non-profit or charitable activity;
4) where the transferee simultaneously with the sale of goods or services the cost of taxpayer money if the person requested by the purchase before the settlement;
5) money exchange business, if the money is not deposited payment account;
6) payments in order to transfer money at the disposal of the beneficiary based on one of the payment service provider of the addressed this point "a", "b", "c", "d", "e", "f" or "g" to the documents referred to in point (a)) check (in paper form) under 19 March 1931 Geneva Convention on the uniform law for cheques, b) cheque (in paper form), which is equivalent to this point "a" to the check referred to in (a) and governed by the laws of the Member States not covered by 19 March 1931 in the Geneva Convention on a uniform law for cheques, c) promissory note (on paper) under the 1930 Geneva Convention of 7 June that for bills of Exchange and promissory notes for a single framework, d) promissory note (on paper), comparable to the "c" of this point the note referred to and governed by the laws of the Member States not covered by 7 June 1930 Geneva Convention where in respect of bills of Exchange and promissory notes for the single framework e) coupon (in paper form), f) traveller's cheques (in paper form), g) of the Universal Postal Union certain mail transfer (in paper form);
7), central counterparty (clearing) the center post, the central bank, settlement the mediator, other members of the law "on settlement finality in payment and settlement systems of financial instruments", as well as payment service provider for payments or securities settlement system for mutual transactions;
8) payments in connection with the service, the active securities redemption or sale, including dividend payment and other revenue, by paragraph 7 of this article, the persons or investment companies, investment management firms or banks that provide investment services, or other commercial companies, which are allowed to hold financial instruments;
9) technical service provider for the services provided, if either the money in no time is not the property of the service provider (possession);
10) services, in which the instruments of payment for purchase of goods or services used only the payment instrument, the izlaidēj location (indoors) or under contract with a payment instrument izlaidēj-limited service provider network, or for a limited range of goods or services;
11) payments made to the telecommunications, digital or information technology device if purchased goods are sold or services provided via telecommunication, digital or it device, where the telecommunication, digital or it operator does not have the service concerned only the payment service user and the seller of the goods or service provider broker;
12) payment service provider, as well as their representatives or affiliates of mutual payments;
13) a company within the Group payments made between parent companies and subsidiaries of the company or of a subsidiary of the parent company, without involving others outside the company groups existing payment services providers;
14) cash withdrawal from ATMs, if the payment service provider shall act as one or more card issuers, not party to the contract with the customer, which takes the money from the payment account, or other payment services.
Chapter II the payment institutions licensing article 4. The payment authority operating in Latvia may be start only after receiving a licence from the Commission, with the exception of article 5 of this law in specific cases.
5. article. (1) the body does not need a license from the Commission and its activities in Latvia have the right to start a business in the commercial register, after registration, if the planned activity is notified to the Commission in writing and meet the following conditions: 1) payment institutions or its representatives, for which the payment institution assumes responsibility, during the previous 12 months, payments to the average value or the business plan for the future payment of 12 months average value does not exceed three million a month;
2) none of this law, article 11, first paragraph, paragraph 10 referred to payment institutions persons have not been convicted of money laundering or financing of terrorism or other criminal offences in the economy.
(2) simultaneously with the first part of the submission of the notification referred to in the payment authority shall provide the Commission with the following information: 1) the identification of the person. If payment services seeks to provide a legal entity, its business name, legal address, registration number and place of registration. If the service wants to provide the natural person indicated in that person's declared place of residence, as well as submit a passport or other ID copy of the document that contains the person's first name, last name, year of birth and date and ID number;
2) news on this law, article 11, first paragraph 10. persons referred to in paragraph 1;
3) payment institutions business plan or equivalent document, which shows the first part of the condition referred to in paragraph 1.
(3) the Commission within 10 working days after receiving all this article documents referred to in the second subparagraph, shall consider whether the person wishing to provide payment services to meet the requirements of the first subparagraph. If the person concerned satisfies those requirements, it shall record this law article 10 register referred to in the third subparagraph.
6. article. If the body no longer complies with this law, article 5, first paragraph, the requirements of paragraph 1, but yet continue to provide payment services, so within 30 days from the moment of accession of non-compliance shall be submitted to the Commission in article 11 of this law, these documents to get the license for payment institutions activities.
7. article. Latvia registered payment institutions place of business is in the territory of Latvia.
8. article. Payment institutions, which is applicable to this law, the exemption set out in article 5 in relation to the license, is not bound by this law, 4., article 9, article 11 of the first, second and third parts, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 37, article 45, article 46 of part three, as well as 47. , 48, 49, 50, 51, 52 and 53. article.
9. article. Licensed for the payment authority has the right to initiate the provision of payment services in another Member State this law in article 32 and 33.
10. article. (1) licensed to payment institutions, their representatives and affiliates registered licensed the register of payment institutions maintained by the Commission.
(2) licensed the register of payment institutions provide payment services referred to in the first paragraph are eligible to provide.
(3) payment institutions whose start-up according to this law, the provisions of article 5 does not require a license, their representatives and affiliates register register of payment institutions maintained by the Commission.
(4) the Commission shall send the European Commission referred to in the third subparagraph the payment institutions, their representatives and affiliate list by status of each calendar year, on 31 December, in addition to indicating the payment of the total amount of service in the 12 months of the calendar year.
11. article. (1) in order to receive a license for payment institutions activities, the applicant shall submit to the Commission the appropriate application, then add: 1) payment institutions activities program, specifying the type of payment services envisaged;

2) payment institutions business plan not less than the first three financial years which expanded payment institutions reflect the business strategy, financial projections, as well as balance sheet, profit and loss statement, capital adequacy calculation, each year the estimated amount of fixed costs, market research plans and other information that the payment authority consider necessary and which provide additional information clear and true picture of the planned activities;
3) in article 12 of this law that the original proof of the existence of capital;
4) a description of the measures taken to protect the payment service user in accordance with this law, money for the provisions of article 38, where a payment institution in addition to the provision of payment services for other types of commercial activities in accordance with article 36 of this law;
5) payment institutions and internal control management description, which also include suitable and adequate management of payment institutions to provide the necessary administrative, risk management and accounting procedures;
6) payment institutions unusual and suspicious financial transactions, a description of the identification procedure;
7) payment institutions, a description of the organisational structure, including information about payment institutions representatives, affiliates, outsourcing contracts and participation in national or international payment system;
8) information on the identity of persons whose payment institution directly or indirectly acquired a significant participation, as well as their actual participation and proof of that person's compliance with article 15 of this law;
9) the list of persons with which the payment institution has close links within the meaning of the credit institutions act;
10) information about payment authority Board and the members of the Council, when adopting the relevant decisions in the name of the payment institution, the payment institution creates civil liability, also about the people who are directly responsible for payment institutions, payment service operations management, as well as the documents certifying conformity of persons concerned this law, article 20 and 21;
11) news on the Certified Auditor (name or company);
12) payment institutions statutes, if such information is not available in public registers;
13) information on this law, the first paragraph of article 38 of the requirements if the payment institution in addition to the provision of payment services it intends to take this law article 36 commercial activities referred to in the first subparagraph.
(2) the first subparagraph of this article 4, 5 and 7 in the documents set out in paragraph specifies the payment authorities audits and organisational arrangements for the payment service user's interests, as well as the continuity and reliability of the payment service.
(3) examine the document referred to in the first subparagraph, the Commission shall have the right to require the payment institution to do those repairs or submit additional documents which the Commission needs in order to ensure that payment institutions sound and prudent action, as well as the other requirements of this law.
(4) the Commission shall determine the order in which to be reissued a license payment institutions activities, register the payment institution and information, as well as supporting documents.
12. article. Payment institution provides that the day when the decision is taken to issue a license for payment institutions activities, its initial capital of at least eur 20 000:1) where the payment institution provides only the bezkont of money transfer services;
2) 50 000 euro, if the payment institution provides this law, article 1, paragraph 1 "g" referred to payment services;
3) 125 000 euro, if the payment institution provides any of this law, article 1, paragraph 1, "a", "b", "c", "d" or "e" referred to payment services.
13. article. (1) Substantial involvement in the payment institution is entitled to get just the person who corresponds to this law, the first subparagraph of article 15, the criteria set out in.
(2) the Commission has the right to request information about the people who claim to be substantial participation (essential participation actually graduates or suspected of such acquisition turamaj persons), including the owners of legal persons (the true beneficiaries) — natural persons to assess compliance with this law, persons in the first subparagraph of article 15, the criteria set out in.
(3) the Commission shall have the right to identify the major holdings of the applicant (an essential participation actually got or suspected of such acquisition hand-held) the founders of legal persons (participants and shareholders) and owners (the real beneficiaries), to obtain information about the owner (the true beneficiaries) — natural persons. In order to enable the Commission to identify these individuals, these entities are obliged to submit to the Commission the information requested, if this information is not available in public registers, of which the Commission is entitled to receive such information.
(4) If a person (shareholders or participants), which are suspected of significant acquisition payment authority, fail or refuse to provide the second or third subparagraph, and in General their participation covers 10 or more percent of the payment institution's share capital or voting shares or part number, that person can not use all of the shares belonging to them to vote. The Commission shall be informed immediately of this fact relevant shareholders or members and payment authority.
(5) the significant participation of payment authority is not entitled to obtain investment funds and comparable to the Foundation.
14. article. (1) a Person who wishes to acquire a qualifying holding payment authority, it shall notify the Commission in writing in advance. The notification shall specify the extent of the percentage of participation of payment institutions share capital or voting shares or part number. The notification shall be accompanied by regulations of the Commission for the information needed to assess the conformity of this law, persons 15. in the first subparagraph the criteria set. Statement to be added to the list of information to be published on the Commission's website on the internet.
(2) If a person wishes to increase his qualifying holding, reaching or exceeding 20, 33 or 50 per cent of the payment institution's share capital or voting shares or part number, or if a payment institution becomes a subsidiary of the person, the person concerned on the previously notified in writing to the Commission. The notification shall specify the extent of the percentage of participation of payment institutions share capital or voting shares or part number and then added to the Commission's regulations for the information needed to assess the conformity of this law, persons 15. in the first subparagraph the criteria set. Statement to be added to the list of information to be published on the Commission's website on the internet.
(3) the Commission shall, within two working days from the date of receipt of the first or second part of that statement, or within two working days after they requested additional information in writing, inform that person of the notice or additional information is received and the date of the end of the assessment period.
(4) the Commission of the Act in the first subparagraph of article 15 in the assessment period, but not later than the fiftieth of the assessment period, the working day, have the right to request additional information on the persons referred to in this article in order to assess their conformity with article 15 of this law in the first part of the criteria set out in.
15. article. (1) the Commission shall, not later than 60 working days from the date on which the person sent this law article 14 referred to in the third subparagraph on the communication of information or additional information, assess the person's free capital adequacy, taking into account all its Optional payment institutions, the number of shares or by the person's financial stability and the proposed acquisition of the financial justifications to ensure its payment institutions and sustainable management in which the person intends to acquire a holding, as well as the person's potential impact on the management of payments and performance. The evaluation process, the Commission also takes account of the following criteria: 1) personal reputation and perfect compliance with the payment institution's shareholders or members;
2 the person perfect) reputation and professional experience, where the proposed acquisition will be managed as a result of the payment institution;
3) personal financial stability, particularly in relation to the way in which economic activity is carried out or make the payment institution in which the person intends to acquire a holding;
4) or a payment institution will be able to fulfill this law and other legislative requirements and company group structure, consisting of a payment institution will, without prejudice to the Commission's ability to carry out its statutory supervisory functions, to ensure an efficient exchange of information between supervisory authorities and supervisory bodies to determine the distribution of powers;
5) or has a reasonable suspicion that in connection with the proposed acquisition has been carried out money laundering and terrorist financing, or attempt to do any of the following, or that the proposed acquisition could increase the risk.

(2) requiring this law article 14, in the fourth paragraph, that additional information, the Commission shall have the right to stop once the evaluation period until this information is received, but not more than 20 working days. The Commission has the right to extend the assessment period referred to break up to 30 working days if the person wants to get, has gained, wants to increase or has increased his qualifying holding payment authority is not subject to payment institutions, investment companies, credit institutions, insurance undertakings, reinsurance undertakings or investment management company supervision, or this person's declared place of residence or place of incorporation is a foreign country. If the Commission requests additional information, the evaluation period is terminated, the break time is not included in the assessment period.
(3) the Commission referred to in the first subparagraph shall take a decision within the time limit, prohibiting a person to acquire or increase qualifying shareholdings in the payment authority if: 1) person does not meet the criteria laid down in the first subparagraph;
2) a person shall not provide, or refuses to provide the Commission with the information specified in this Act or in the additional information requested by the Commission;
3) from the person as a result of circumstances it is not possible to provide the information specified in this Act or in the additional information requested by the Commission.
(4) the Commission shall within two working days, up to the first part of the assessment period specified in, and referred to in the third subparagraph shall forward the decision to prohibit a person to acquire or increase qualifying shareholdings in the payment institution.
(5) if the Commission this article within the time limit referred to in the first subparagraph does not send the person a decision prohibiting that person to acquire or increase qualifying shareholdings in the payment authority considered that the Commission agrees that the person is obtained or increase the qualifying holding payment authority.
(6) the third paragraph of this article, paragraph 3 are not applicable to legal persons, if its shares are quoted on Latvia or another Member State of a regulated market or a market operator, which is the International Federation of stock exchanges full member, and the legal entity shall provide the Commission with details of their shareholders who have a significant interest in it.
(7) if the Commission agreed that a person acquires a qualifying holding or increase of payments to the authority, this person is your qualifying holding or increase it obtained within six months from the date when this law sent 14. referred to in the third subparagraph of article information for the notification or the additional information received. If, on expiry of that period, the person has not been acquired or increased a substantial participation in the payment authority, the consent of the Commission a substantial acquisition or increase of a payment institution shall lapse. By person motivated request, the Commission may in writing to decide on the extension of that period.
(8) the examination of article 14 of this law, first and second parts of the above notifications, the Commission shall consult with the Member State concerned supervisory bodies, if the persons who acquired significant interests payment authority is registered in another Member State of the payment institution, an investment brokerage company, credit institution, investment management company, an insurance company or a reinsurance company established in another Member State of the payment institution, an investment firm, a credit institution, investment management companies, insurance companies or reinsurance undertaking the parent company or person who controls registered in another Member State of the payment institution, an investment brokerage firm, credit institution, investment management company, an insurance company or a reinsurance company, and if, the person acquiring or increasing the qualifying holding, a payment institution becomes the person's subsidiary or come under its control.
(9) if the qualifying holding acquired a personal impact on payment institution or may pose a threat to its financial stability, prudent and regulations appropriate leadership and action, the Commission shall immediately terminate such an effect and, if necessary, withdraw the payment authority the Board or Council, or a Board or Council member or use respective qualifying holding all those graduates persons owned shares or voting rights.
(10) in the third and ninth in the part of the Commission's administrative law issued the appeal shall not suspend its activity.
16. article. (1) If a person wishes to terminate the participation of the relevant authorities, the payment of any such decision shall notify the Commission in writing in advance. Notice the person specifies it the remaining payment institutions part of the share capital or voting shares or share as a percentage of the amount of payment institutions share capital or voting shares or part number.
(2) If a person wishes to reduce his qualifying holding below 20, 33 or 50 per cent of the payment institution's share capital or voting shares or part number or if the payment institution is no longer the person's subsidiary company, such decision shall notify the Commission in writing in advance.
Article 17. Payment institution until 31 January of each year shall be submitted to the Commission to their shareholders or members who last December 31 had a significant participation in the payment institution to this list by adding information about shareholders or members and related groups of the shareholders or members, and the extent of the percentage of participation of payment institutions share capital or voting shares or part number.
18. article. (1) If a person has not complied with this law, the requirements of article 14, the Commission to apply article 13 of the law referred to in the fourth paragraph of the restrictions.
(2) If a person, without the ban, the Commission obtained or to increase his qualifying holding, that person would not have the right to use all or part of the shares it owned in the vote, but the meeting of the shareholders or members, decisions taken through this part of the shares or voting rights, have effect from the date of their adoption and on this basis the decision not to ask the commercial register records and other public records.
19. article. (1) in determining how big a person indirectly obtain participation payment authority take into account voting rights which that person (hereinafter in this article — the person in question) obtained the payment institution: 1) voting rights which are entitled to use a third party to which the person concerned has entered into an agreement, putting it on the line to vote and conduct policy in the long term with regard to payment institutions management;
2) voting rights which are entitled to use third parties, in accordance with the agreement concluded with the person concerned and provide for the temporary transfer of the voting rights in question;
3) voting rights arising from the shares, which the person concerned received as collateral if that person can use the vote and expressed its intention to use them;
4) voting rights which are entitled to use a given person for a limited period of time;
5) voting rights which are entitled to use the specific control of the person or company that such a company may be used in accordance with this part 1, 2, 3 and 4;
6) voting rights arising from the shares held by the person in question and what it can exercise at its discretion in the absence of specific instructions;
7) voting rights resulting from the third person and the persons concerned the right to shares held;
8) voting rights held by a person can realize as a proxy, if it is entitled to exercise the voting rights at its discretion and the absence of specific instructions;
9) voting rights resulting from any other indirect way the persons concerned acquired the shares.
(2) a Person who wishes to get, has gained, wants to increase or indirectly increased the qualifying holding payment authority, at the request of the Commission, together with information to enable the persons concerned to ensure compliance with this law, the first paragraph of article 15.
20. article. (1) on payment of the Chairman of the Management Board of the authority, the Management Board, the Council (if created), President of the Council, that, in adopting relevant decisions in the name of the payment institution, the payment institution creates civil liability, as well as for the person who is directly responsible for the payment institutions activities management of payment services, can be a person: 1) which are competent in matters of financial management;
2) which requires education and three years of professional work experience, according to the size of the company, organisation or institution;
3) which has a flawless reputation;
4) which is not deprived of the right to do business.
(2) payment to the Chairman of the Management Board of the authority and the Board members need higher education.
(3) the competent authorities of the management body is obliged to own or at the request of the Commission, to immediately withdraw from the post of the first paragraph of this article, if they do not meet the requirements of this article.
(4) if the Commission decides on the first paragraph of this article, the withdrawal of a person from the post due to non-compliance with the requirements of this article, the Commission shall not suspend appeals against decisions of its activity.

21. article. (1) on payment of the Chairman of the Management Board of the authority, the Management Board, the Council (if created), President of the Council, that, in adopting relevant decisions in the name of the payment institution, the payment institution creates civil liability, as well as for the person who is directly responsible for the payment institutions activities management of payment services, cannot be a person: 1) is convicted of intentionally committing a criminal offence or for an intentional criminal offence applied to the Prosecutor's statement about it;
2) which is convicted of intentionally committing a criminal offence or for an intentional criminal offence applied to the Prosecutor's statement about the penalty, even if it is released on parole due to the Statute of limitations, pardon or amnesty;
3) against which the criminal proceedings initiated for the purpose of committing a criminal offence ceased due to the Statute of limitations or amnesty;
4) against which the criminal proceedings initiated for the purpose of committing the criminal offence, freeing from criminal responsibility, if the offence has not created any damage to a sentence, or if the criminal settlement with the victim or his representative;
5) against which the criminal proceedings initiated for the purpose of committing a criminal offence, if it significantly helped reveal a serious or very serious crime that are heavier or more dangerous than the same person committed the criminal offence;
6) against which the criminal proceedings initiated for the purpose of committing the criminal offence, conditional relief from criminal responsibility.
(2) payment to the competent authorities of the management body is obliged to own or at the request of the Commission, to immediately withdraw from the post of the first paragraph of this article, if the person can be attributed to them in the first part of the above restrictions.
(3) if the Commission decides on the first part of the persons referred to withdrawal from the posts they limit due to non-compliance with the Commission's decision to appeal shall not suspend its activity.
22. article. The Commission is entitled to refuse authorisation of payment authority if: 1) is not submitted to this law, the information laid down in article 11 or the additional information requested by the Commission;
2) submitted by the applicant does not provide payment information, the authorities of the sound and prudent management;
3), the Commission finds that the financial resources invested in fixed capital, the payment authorities obtained unusual or suspicious financial transactions or not documented proven this financial legal mining;
4) persons who have a significant interest payment institution does not comply with this law, the first paragraph of article 15;
5) one or more of the article 11 of this Act 10. persons referred to in paragraph 1, does not meet this law, article 20 and 21;
6) payment institutions documents submitted contain false information;
7) payment institutions close relationships with third persons may jeopardize its financial strength or limit the right of the Commission to carry out the statutory supervisory functions;
8) foreign (non-State) laws and other regulations that apply to persons who have close relationships with the payment authority, prejudice the right of the Commission to carry out the statutory supervisory functions.
23. article. If the payment institution in addition to the provision of payment services for other types of business that weaken or undermine the financial soundness of payment authority, or the Commission's ability to monitor the payment institution's compliance with the requirements of this Act, the Commission may request the formation of a separate legal entity for the provision of payment services.
24. article. (1) the Commission shall take a decision on the issue or refusal to issue a licence and shall inform the applicant within three months of receiving all the necessary documents, in the event of refusal stating the grounds for the refusal.
(2) the licence shall be issued for the payment institutions activities indefinitely.
25. article. (1) the Commission may revoke the license, the payment authority if: 1) the authority has not undertaken action for a period of 12 months from the date of issue of the licence;
2) it is established that the payment authority supplied false information licence or acquired the license by any other irregular means;
3) payment authority suspended operation for a period of more than six months;
4) payment authority has begun the liquidation process;
5) payment authority waives license authority reorganisation;
6) the creditors ' meeting has taken a decision on the commencement of bankruptcy proceedings;
7) payment authority does not comply with this Act and the other activities of the payment institution's regulatory laws and the rules and regulations of the Commission orders the continuation of its operations or endanger the stability of the payment system;
8) payment authority asked to revoke the licence issued to it.
(2) payment institutions license is not renewed, the Commission shall, where it is withdrawn.
(3) information on the cancelled payment institutions license published Commission website on the internet.
(4) if the Commission decides on payment institutions withdrawal of the licence, the appeal of this decision shall not suspend its activity.
26. article. (1) if the payment institution wishes to make significant changes to the article 11 of this law in the information to be submitted to the Commission, it shall notify the Commission of this Act and shall submit to it the information referred to in article 11, including also changes.
(2) the Commission shall be entitled to require the payment institution for additional information in order to assess the payment institution's compliance with the proposed changes to the requirements of this law.
(3) the Commission within 30 days from the date on which it received the notification about the change and the information you need is right to oppose the payment institutions changes, if provided: 1) they may affect payment institutions sound and prudent management;
2) they do not meet the requirements of this law;
3) payment authority does not provide, or refuses to provide the Commission with the information specified in this Act or in the additional information requested by the Commission.
Chapter III, affiliates or representatives of outsourcing, the use of the structure of article 27. (1) the authority may provide payment services, directly or through its representative in accordance with the procedure laid down in this article.
(2) payment institutions may be represented only by the person who has the requisite qualifications and experience of the delegated duties.
(3) the authority shall submit an application in writing, inform the Commission that it wishes to provide payment services through a representative. The application payment authority specifies the name of the representative, the declared place of residence and the personal code or equivalent information, if the representative is a natural person. If the representative is a legal person or the merchant, then specifies the legal person or the merchant name, registered office and registration number.
(4) referred to in the third subparagraph the payment authority the application shall be accompanied by: 1) representative policy description, which give a true and clear picture of a procedure for the provision of payment services, which will be provided through a representative;
2) representative payment service provided a description of the procedure and with the representative authority of the agreement concluded the original or a certified copy of it;
3) in the description of the internal control mechanisms which the representative will be used to meet the requirements of the laws of money laundering and terrorist financing;
4) information showing that the governing bodies of the members of the representative and the representative of the person responsible complies with this law, 20 and 21.
(5) the mandate of the Treaty include: 1) with a representative of the payment service to be provided a description of the procedure;
2) precise requirements as to the quality of the service, which will be provided through a representative;
3) payment institutions and the rights and obligations of the representative, including: a) payment institutions the right to continuously monitor the quality of the service, (b)) payment institutions the right to give the delegate required executable instructions related to the payment service in good faith, high-quality, timely and relevant laws and regulations, c) payment institutions the right to submit a reasoned written request representative immediately to terminate the mandate of the Treaty if it found that the representative does not comply with the mandate of the Treaty requirements relating to payment services or quality (d)), the obligation to ensure payment to the authority the ability to continuously monitor the quality of the payment service, e) duties of the representative immediately to terminate the contract of mandate by payment institutions motivated written request was received.
(6) a representative of the payment service to be provided, the procedure shall be governed by: 1) internal order in which decisions are taken on the provision of payment services for the delegation;
2) entrustment contract, execution monitoring and termination procedures;
3 persons and departments) responsible for cooperation with the representative and payment volume and quality of services, which are provided through a representative, as well as the rights and obligations;
4) payment authority in cases where the representative does not comply with or unable to serve, enabling the provisions of the Treaty.

(7) the Commission has the right to verify the location of the representative or to a service location, consult all documents and registers of accountancy documents, make copies of documents, as well as to request from the delegate's information related to the provision of payment services delegated or required the Commission's functions.
(8) the authority may initiate the provision of services through a representative, where the Commission, within 30 days of the application referred to in the fourth paragraph, and the date of submission of the documents have not raised an objection to the provision of payment services with the appropriate representative.
(9) the Commission should have the right to request additional information about the order in which payment service will be provided with a representative, so that it can assess the impact of the representative authorities of the payment transaction.
(10) if the payment institution wishes to provide payment services through a representative in another Member State, the Commission shall, before the eighth part of this article, the adoption of the decision referred to in consultation with the Member State concerned, payment of the supervision authority and take account of its opinion.
(11) the competent authorities of the management body is obliged to own or at the request of the Commission, immediately terminate the provision of payment services with the representative, if the representative does not meet the requirements of this article or of this Act provides requirements for the provision of payment services.
28. article. (1) the Commission shall prohibit the payment institution to provide payment services through a representative if: 1) are not complied with the requirements of this law;
2) payment institutions documents submitted contain false information;
3) the provision of payment services with a representative or may pose a threat to payment institutions stable operation, as well as payment institutions may interfere with service users ' legitimate interests;
4) the provision of payment services with a representative can restrict payment institutions governing body to carry out regulations, payment institutions other statutes or internal regulations to those obligations;
5) the provision of payment services with representative deny or limit the Commission's ability to perform its statutory functions;
6) authorisation agreement does not comply with this law and do not give a true and fair view of payment institutions and the cooperation of the representative and the requirements in respect of a representative delegated by the payment to him of the volume and quality of services;
7) the provision of payment services with the representative may not ensure compliance with the laws and requirements of the money laundering and terrorist financing.
(2) the fact that the payment institution provides the payment service through a representative, do not exempt the institution from liability for payment laid down in this law or contracts it has with its customers. Payment authority is responsible for the activities of the representative and to the same extent as for his activities as a whole.
(3) the Commission has the right to require the payment institution to eliminate the disadvantages resulting from its agent acting on behalf of a payment institution, and to set deadlines for the correction of this deficiency. If the period prescribed by the Commission is not prevented, the Commission requests that the payment authority terminated the contract of mandate, and determines the term of expiry of the contract.
(4) the Commission shall be entitled to require the payment institution to immediately terminate the contract of mandate, where the Commission finds that: 1) the paying authority does not monitor through a representative public service quality or monitor their irregular and insufficient;
2) payment authority does not manage the risks associated with those payment services that are provided through a representative, or manages them scarce and of poor quality;
3 the activities of the representative) is a serious deficiency that threatens or may endanger the fulfilment of the obligations of the payment institution;
4 a) of the first paragraph of this article.
(5) if the authority finds that the representative does not comply with the requirements specified in the contract, the authorization for the payment of services delegated or quality, it shall immediately inform the Commission thereof.
(6) if the payment institution be amended through a representative public service policies and procedures, that these amendments shall be submitted to the Commission not later than the next business day after they are approved.
(7) the representative is entitled to the provision of payment services to delegate to another person only after received the payment institution's written consent. Prior to the provision of payment services to payment of subdelegation authority shall inform the Commission in writing and shall submit to it in article 27 of this law, these documents. The provisions of this law also apply to the provision of payment services on delegation and the final provider of payment services.
(8) if the Commission decides, on the basis of the first, third and fourth subparagraphs the terms of this decision shall not suspend the operation of the appeal.
29. article. (1) actions (outsourcing) needed for payment of the functioning of the authority, that is, accounting, information technology or management system or development, internal control system internal audit organization, the tasks of the service and the payment service or any substantial part of it, the payment authority may delegate to one or more of the outsourcing providers.
(2) outsourcing of payment institution is authorised to provide only the outsourcing provider, which is then delegated duties require skill and experience.
(3) payment institutions internal audit duties can be delegated only sworn auditor or payment institution's parent company established in a Member State for the payment of, the authority.
(4) receipt of payment Before outsourcing authority shall submit to the Commission a reasoned written application for the planned outsourcing. The application adds the outsourcing policy and procedure and the outsourcing contract of the original or a certified copy.
(5) the Outsourcing Agreement include: 1) in the description of the receivable outsourcing;
2) precise requirements as to the amount and quality of outsourcing;
3) payment institutions and outsourcing provider rights and responsibilities, including: a) payment institutions the right to constantly monitor the quality of outsourcing, b) payment institutions outsourcing provider right to optional executable instructions related to the outsourcing of good faith, high-quality, timely and relevant laws and regulations, c) payment institutions the right outsourcing provider submit reasoned written request to immediately terminate the outsourcing arrangement, if it found that the outsourcing provider does not comply with the requirements specified in the contract, outsourcing with regard to outsourcing, or quality , d) outsourcing provider's obligation to ensure payment to the authority the ability to continuously monitor the quality of outsourcing, e) outsourcing provider's obligation to immediately terminate the outsourcing contract by payment institutions motivated written request;
4) to the right of the Commission to consult all documents and registers of the accounting document and request from the external service provider any information related to the provision of outsourcing and the functions of the Commission.
(6) payment authority, which plans in accordance with the procedure laid down in this Act to receive the outsourcing, outsourcing the development of policies and procedures. The outsourcing procedure governs: 1) internal order in which decisions are taken on outsourcing;
2) outsourced contract, execution monitoring and termination procedures;
3) on cooperation with an external service provider and received the outsourcing and quality supervision of responsible persons and departments, as well as the rights and obligations;
4) payment authority in cases where the external service provider fail or unable to serve, the outsourcing agreement.
(7) the Commission has the right to inspect the activities of the outsourcing it outsourcing or the location, consult all documents and registers of accountancy documents, make copies of documents, as well as require outsourcing provider of information related to the provision of outsourcing or need the Commission's functions.
(8) the external service provider began to provide a payment institution, an outsourced if within 30 days of the application referred to in the fourth paragraph, the date of the submission of the Commission has not objected to outsourcing.
30. article. (1) the Commission shall prohibit the payment institution to receive the planned outsourcing if: 1) is not complied with the provisions of this law;
2) outsourced reception may restrict payment institutions to provide payment services as well as payment institutions may interfere with service to legitimate interests of users;
3) outsourcing can limit the receipt of payment institutions governing body to carry out regulations, payment institutions other statutes or internal regulations to those obligations;

4) prevent the receipt or outsourcing will limit the Commission's ability to perform its statutory functions;
5) outsourcing contract does not comply with this law and do not give a true and fair view of the paying authorities and outsourcing provider for collaboration and outsourcing requirements and quality.
(2) the fact that a payment institution, outsourcing the it does not exempt from liability established in this Act or in the contracts concluded with this authority to its customers. Payment authority is responsible for the outsourcing of activities and their results to the same extent as for his activities as a whole.
(3) the Commission has the right to require the payment institution to prevent disadvantages incurred upon outsourcing, and set deadlines for the correction of this deficiency. If the period prescribed by the Commission is not prevented, the Commission requires that a payment institution shall terminate the outsourcing contract and determines the term of expiry of the contract.
(4) the Commission shall be entitled to require the payment institution to immediately terminate the outsourcing arrangement, where the Commission finds that: 1) payment authority does not monitor the quality of outsourcing or monitor their irregular and insufficient;
2) payment authority does not provide outsourcing risks or manages them scarce and of poor quality;
3) outsourcing provider in action is a serious deficiency that threatens or may endanger the fulfilment of the obligations of the payment institution;
4 a) of the first paragraph of this article.
(5) if the authority finds that the outsourcing provider does not comply with the outsourcing contract requirements with regard to outsourcing, or quality, it shall immediately inform the Commission thereof.
(6) if the payment institution shall amend the provision of the outsourcing policy and procedure, these amendments shall be submitted to the Commission not later than the next business day after they are approved.
(7) the Outsourcing provider is entitled to delegate the provision of further outsourcing to another person only after received the payment institution's written consent. Before providing further outsourcing of payment authority shall inform the Commission in writing and submit it to article 29 of this law, these documents. The provisions of this law also apply to the provision of further outsourcing and outsourcing the final delegation.
(8) if the Commission decides, on the basis of the first, third and fourth subparagraphs the terms of this decision shall not suspend the operation of the appeal.
31. article. (1) registered in another Member State of the payment institution may open a branch or use representative (hereinafter in this article — a branch) in Latvia, without this statutory licence only after: 1) the Commission has received payment of the relevant Member State authorities ' supervisory bodies, which include: (a) communication) approval that the payment institution holds a valid license for payment institutions activities, b) the paying authority, c), (d) the branch address) Branch Manager's name , e) description of the organisational structure of the branch, f) for information on the types of payment services that a payment institution intends to provide in Latvia;
2) the Commission has informed the Member State concerned, payment institutions institutions that received the first part of this article in the notification referred to in paragraph 1.
(2) registered in another Member State of the payment institution is obliged to inform the Commission at least one month in advance of any intended amendment of the first paragraph of this article referred to in paragraph 1, the information contained in the notification, as well as of the intention to terminate the activities of the branch.
(3) registered in another Member State of the payment institution launched the provision of payment services, without having to open a branch in Latvia, after: 1) the Commission has received payment of the relevant Member State authorities ' supervisory bodies, which include: (a) communication) approval that the payment institution holds a valid license for payment institutions activities, b) the paying authority, c) for information on the types of payment services that a payment institution intends to provide in Latvia;
2) the Commission has informed the Member State concerned, payment institutions institutions that received a third part of this article in the notice referred to in paragraph 1.
32. article. (1) Latvia registered the payment authority opens a branch office or representative (hereinafter in this article — a branch) in another Member State in accordance with the procedure laid down in this article.
(2) the authority shall inform the Commission in writing that it proposes to establish a branch in another Member State. In its application, indicating the Member State in which the branch, for the opening of a branch office, branch manager's name and ID number, if assigned, as well as the types of payment services that a payment institution intends to provide in the Member State concerned.
(3) in the second subparagraph, the application shall be accompanied by the description of the organisational structure of the branch and the documents proving the payment institution's branch manager compliance with this law, in article 20 and 21 payment institutions Council and Board members.
(4) an application for the opening of a branch in another Member State, the Commission shall, within 30 days after all necessary, according to the legislative requirements for the receipt of documents drawn up and of its decision in writing to the payment of the Member State concerned shall inform the supervision authority and the payment authority.
(5) payment institutions branch is created and launched the action in another Member State, if the authority of the Member State concerned, payment institutions supervisory body it has received confirmation that the fourth paragraph of this article, the Commission referred to in the notice of the decision.
(6) payment authority not later than 30 days before the change takes place in the second and third subparagraphs of this information in writing, notify the Commission and the Member State concerned, payment institutions supervisory body. Approval of amendments, the Commission shall decide and communicate its decision to the Member State concerned, monitoring payment institutions an institution and the institution of payments in the fourth paragraph of this article, within the timescales and procedures.
(7) Notwithstanding the branches established in another Member State the number of the Member State concerned are regarded as a single branch.
33. article. (1) licensed in Latvia the payment authority launched the provision of payment services in another Member State, without having to open the branch, in accordance with the procedure laid down in this article.
(2) the authority in writing, submitting the application, inform the Commission that it wishes to commence provision of payment services in another Member State, without having to open the branch. The application payment authority indicating the Member State in which the intended to provide payment services and payment services it intends to provide.
(3) the application for the provision of payment services in another Member State, without having to open the branch, the Commission shall, within 30 days after all necessary, according to the legislative requirements for the receipt of documents drawn up and of its decision in writing to the payment of the Member State concerned shall inform the supervision authority and the payment authority.
(4) the authority may initiate an action in another Member State, without having to open the branch, if the Member State concerned, payment institutions management authority has confirmed that it has received the third subparagraph the Commission communication on its decision.
Chapter IV the payment institutions activities article 34 regulatory requirements. (1) the payment institution's own funds may not be less than the higher of the following values: minimum initial capital or capital requirements, calculated in accordance with this law, the provisions of article 35.
(2) the payment institution's own funds and capital adequacy calculation procedure by the Commission.
(3) the Commission may authorize payment to the authority, which is registered in the bank's subsidiary company and subject to the requirements of consolidated supervision, not to comply with article 35 of this law, if all the following conditions are met to ensure appropriate allocation of own funds between the parent company and subsidiaries: 1) there is no current or foreseen material practical or legal impediment to the parent company of the prompt transfer of own funds of the subsidiary or subsidiaries to settle obligations;
2) parent company ensures the proper management of the subsidiary and guarantee the obligations of the subsidiary, or the risks in the subsidiaries are immaterial consolidation at group level;
3) parent company of risk evaluation, measurement and control procedures also apply to subsidiaries;
4) parent company have more than 50 percent of the voting shares of the subsidiary, or parent company has the right to appoint or cancel subsidiaries a majority of the members of the administrative organ.
35. article. (1) the authority shall ensure that its equity is always greater than or equal to 10 percent of the total of fixed costs in the previous accounting year.

(2) the total amount of fixed costs shall be determined on the basis of the payment authority the last audited annual report. If since the last reporting year payment institutions in the course of significant change, the payment authority under those agreed by the Commission recalculated the total of fixed costs. Payment institution that business has not taken full financial year, the total amount of fixed costs shall be determined on the basis of its business plan, unless the Commission has applied for the amendment of this plan.
(3) on the basis of a payment institution's risk management process, the data about existing and potential loss risk and internal control framework, the Commission is entitled to impose the obligation of payment authority to maintain the level of own funds which is up to 20 percent greater than the capital requirements, calculated in accordance with the first paragraph of this article.
36. article. (1) in addition to the provision of payment services to payment institution can do: 1) activities related to the provision of payment services;
2) payment system;
3) other commercial operation in accordance with legislative requirements.
(2) the authority shall ensure that the money received from the payment service users or other payment service provider payments, payment of accounts are kept, which must only be used for payments.
37. article. Payment institution may be granted with payment services credit when the following conditions are met: 1) credit is only granted this law, article 1, paragraph 1, "d", "e" and "g" referred to in the provision of payment services;
2) credit is refundable for no longer than 12 months from the date of issue;
3) credit is not granted from the funds received or held for the payment;
4) payment institutions, the total amount of credit granted is commensurate with the level of own funds laid down in accordance with article 34 of the Act.
38. article. (1) the authority shall, in addition to the provision of payment services made this law, article 36 of the business referred to in the first paragraph, ensure that money received from the payment service users or other payment service provider payments would be backed by the insurers or banks, which do not fall within the same company group, which includes the payment authority, the issuing of guarantee insurance policy or other guarantee or ensure that this money : 1) would be cut off from other people for money, which is not the payment service users on whose behalf the money is kept. The money, which the end of the following working day after receipt of the payment authority is not yet ieskaitījus to the beneficiary's account or sent to another payment service provider, it included a separate account in a bank or invested in secure, liquid low-risk assets, which are considered as such according to the regulations of the Commission;
2) are kept separate from other persons money who are not users of payment services, on behalf of the money is kept, as well as ensure that money is not included in the payment institution's assets, which are covered by other creditors of this authority.
(2) the first subparagraph of this article, the requirements also apply to the money, which the payment institution has received payments in the future. If such amount is not known, the payment authority the first part of this article shall apply, having regard to the previous data of such transactions to the payment institutions activities during the year. The payment authority, whose business has not taken full years of operation, the first part of this article shall apply, taking into account the business plan.
(3) if the payment institution has entered into a contract for the first part of the guarantee referred to in the insurance policy or other warranty receipt, it shall inform the Commission of the provisions of this Treaty.
(4) the payment institution is obliged to establish internal control system which ensures a constant in the first paragraph compliance with the requirements of the control.
39. article. Documentation relating to payment institutions licensing, representatives, affiliates and outsourcing structure, payment institution set out regulatory requirements and the monitoring of the payment institution shall keep not less than five years.
40. article. (1) the paying authority, which received a license from the Commission, the funding of the activities of the Commission paid up to 0.05 percent (inclusive) of the payment authority payment totals by quarter, but not less than 2500 litres per year.
(2) payment authority, which received a license from the Commission in accordance with the procedure laid down by the Commission, and shall submit to it a report within the time required in the first paragraph of this article, a down payment, and up to a quarter in the following month on the 30th date, take the appropriate payments.
(3) the Commission shall issue regulatory provisions on the second part of that reporting and payment calculation.
Chapter v payment institutions and payment service for the users of article 41. Payment institutions and payment service user relations governed by this law, other laws, as well as in accordance with the law of contracts.
Article 42. Year of payment institutions and payment service's user agreement concluded between the expiry of the payment institution is obliged, at the request of the payment service user to repay back unused money without asking for payment. The first sentence of that provision be included for payment institutions and payment service's user agreement.
43. article. (1) payment institutions are obliged to guarantee the payment service user, account, and personal business secrets.
(2) details of individual payments, accounts and transactions of the same to be natural persons and their legal representatives.
(3) the details of payment of legal persons, accounts and transactions of this legal person be authorised representatives and higher institutions after the Manager's request.
(4) details of the payment service user to his payment of accounts and transactions carried out in accordance with the written agreement of the third party to be provided, if the user has explicitly consented to the payment authority in the contract concluded.
(5) details of the payment service user and his payment of which authority is obtained by providing payment services under the contracts concluded, is confidential information which does not contain State secrets.
44. article. (1) anyone who intentionally or unintentionally made public or disclosed to persons not entitled to receive relevant information, details of payment institutions to customer accounts or clients payment services provided if he entrusted this message or become known as payment institutions, the shareholders or members, the Council (if established) or Board member or employee, the payment authorities are criminally liable in accordance with the procedure prescribed by law.
(2) the Person who committed the first paragraph of this article, the offences punishable even if the infringement was committed after that person out of the contractual relationship or obligation or payment of the employment relationship.
Chapter VI payment institution supervision and responsibility article 45. The Commission is entitled, in addition to determine the other licensed institutions regulating the payment requirements to minimize the risk of payment institutions and the protection of payment services users.
Article 46. (1) the paying authority, which is a commercial company, the annual report and the consolidated annual report of the information about the payment services referred to in article 1 of the law, and on the other the activities it has conducted pursuant to this law, article 36, first paragraph, disclosed separately.
(2) the authority of a commercial company, the annual accounts and the consolidated annual report is presented in the annex in the reference year total payments.
(3) the paying authority, which is a natural person, up to the current calendar year April 1 shall submit to the Commission information on the previous calendar year total amount of payments made.
47. article. Payment institutions are obliged to inform the Commission of any circumstances that could significantly affect the payment institution's future operations.
48. article. The supervisory functions of the Commission is entitled to require the payment institution to prepare reports on its activities in accordance with the regulations issued by the Commission rules on the preparation and submission of this report.
49. article. To check the payment institution's compliance with the requirements of this law, the Commission has the right to: 1) require the payment institution to provide the information required for monitoring;
2) checks a payment institution.
50. article. (1) payment institutions of another Member State, the supervisory body shall have the right to carry out inspections in Latvia registered payment institutions of the Member State concerned in branches.
(2) Before the start of the inspection authorities of another Member State of the payment institution supervision time inform the Commission in writing. The Commission agent shall be entitled to participate in the investigation. Payment institutions of another Member State, the supervisory authority shall submit to the Commission a report on the results of the checks carried out.

51. article. (1) if the Commission finds that the payment established in another Member State, the authorities of a branch operating in Latvia, or registered in another Member State of the payment institution that provides financial services, without having to open the branch, carry out activities that are incompatible with the laws of Latvia, it shall without delay require the relevant branch or a payment institution shall terminate these steps.
(2) if the payment established in another Member State, the authorities of a branch operating in Latvia, or registered in another Member State of the payment institution that provides financial services, without having to open the branch, does not terminate the activities which are contrary to the laws of Latvia, the Commission shall immediately inform the Member State concerned, payment institutions, institutions which are obliged to take action to prevent violations. Another Member State payment supervision authority shall inform the Commission of the measures taken.
(3) if the payment established in another Member State, the authorities of a branch operating in Latvia, or registered in another Member State of the payment institution, to provide payment services without opening the branch, continues to engage in activities that are contrary to the laws of Latvia, the Commission shall inform the Member State concerned, payment institutions and supervisory authorities shall take measures to prevent such violations.
(4) the first, second and third part requirements do not prevent the Commission take steps to prevent the abuses which are contrary to the public interest of Latvian law, protective and appropriate penalties for these offences.
(5) the Commission's administrative act issued under this Act may appeal to the administrative court. The Court's three judges in the case as the Court of first instance. Administrative District Court judgment may be appealed by submitting an appeal in cassation.
52. article. (1) information about a payment institution and its customers, payment institutions and its customers, which has not been previously published in accordance with the procedure prescribed by law or the disclosure of which is not determined by other laws, or which has not been approved by the Commission, the Council, as well as to the Commission of the financial and capital market participants for information considered to be limited by the availability of information, and it cannot be disclosed to third parties otherwise than in the form of a report or summary that excludes the ability to identify a specific payment body or its client.
(2) the first paragraph of this article shall not prevent the Commission of its competence to exchange limited availability information with other Member States in the financial and capital market supervisory institutions, maintaining the information provided limited availability status.
(3) the Commission may, in accordance with the second, fourth and fifth use information received only for the performance of supervisory functions: 1) in order to ensure that payment institutions and the operation of regulatory compliance laws;
2) to the appropriate statutory law restrictions and penalties;
3) process in which the proceedings are challenged administrative act issued by the Commission or the actual Act.
(4) the first and third part shall prevent, within its competence for the Commission to exchange information with limited access: 1) another Member State financial and capital market supervisory institutions;
2) institutions or persons in the Member States responsible for payment institutions, payment service termination, liquidation, insolvency, as well as credit and other financial institutions accounting inspection procedures;
3) persons that Member States carry out the statutory auditing of internal checks and payment institutions, credit institutions, apdrošinātājo, investment brokerage, investment management firms and other financial institutions.
(5) the provisions of this article shall not prevent the Commission exchange limited availability information with the central banks of Member States and other institutions that are responsible for overseeing payment systems, if they require a statutory functions.
53. article. (1) Commission employees, persons authorised by the Commission or other parties acting on the Commission's trustee, be considered punishable for the officials and confidential disclosure, if intentionally or inadvertently given disclosure or other persons of authority for payment details.
(2) the first paragraph of this article are not subject to the provisions of this article, by a person referred to in the first subparagraph gives this law, as well as in other laws in the cases and in the procedure.
(3) persons who have committed to in the first subparagraph of the said violations, punishable even if they are committed after that person out contractual relations or obligations, or labour relations Commission or Commission authorized persons or other persons who are authorized by the Commission been parties.
(4) if the Commission of the payment institutions activities in violation of the law, found it on these cases is entitled to inform the State revenue service, the Prosecutor's Office of the Republic of Latvia and the pre-trial investigation authorities.
(5) the Commission, its staff and Governors are responsible for losses due to payment institution or third parties, and are not held accountable for the actions that they are legal, accurate, reasonably and in good faith made duly fulfil the supervisory functions in this law and other laws.
54. article. Registered payment service providers — legal persons — in Latvia, the functioning of the payment system provides objective, non-discriminatory and proportionate access (membership) conditions. Payment systems do not have the right to restrict access to the system (participation system) more than is reasonably necessary to protect the system against the settlement, operational and commercial risks, or ensure that the system is operational or financial stability.
55. article. (1) the functioning of the payment system in Latvia, do not allow the payment of service providers, payment service users or other payment systems none of the following conditions: 1) restrictive conditions for actual participation in other payment systems;
2) conditions that discriminate against license payment between payment service providers or registered payment service providers in relation to their rights and obligations;
3) conditions which include restriction based on authority status.
(2) the first paragraph of this article and article 54 of this law will not apply: 1) the law on settlement finality in payment and settlement systems of financial instruments "to those payment systems;
2) payment systems, which cover only the payment service provider shall, within the same company group, a company that produced between fixed capital formation assigned to one of the company's group companies under the actual control of the other company;
3) payment systems, where a payment service provider or group company separately: (a) provide or may provide payment) service for both the payer and the recipient and one payment service provider is responsible for the management of the system, (b)) allows other payment service providers to participate in the payments system and they are not entitled to agree on charges related to participation in a payment system, although you can define their own pricing, payers and beneficiaries.
Article 56. (1) if the Commission finds that the payment authority does not follow this law, II, III, IV, V and VI requirements or legislation issued by the Commission or the European institutions could directly applicable law, it shall require a payment institution shall immediately take such situations measures necessary for prevention.
(2) in addition to the first part of this article, the Commission shall be entitled to exercise one or more of the following measures: 1) make payments to the authority a warning;
2) set limits the payment institutions activities;
3) to suspend partially or totally the provision of payment services;
4) make payment authority bodies and executive bodies, as well as leaders and members informed written orders that are necessary to limit or stop the payment institutions activities which endanger or may endanger the stability of the payment institution, solvency, or reputation;
5) impose a fine of up to 1000 litres.
(3) If the Commission, on the basis of the first and second part, issued the administrative act, this Act shall not suspend the operation of the appeal.
Chapter VII provision of payment services and information requirements article 57. If the payment service user is not a consumer of the consumer protection law, the payment service provider and the payment service user may agree on separate this law, VII, VIII and IX to the non-application of the provisions of chapter.
58. article. (1) payments shall be made in the currency in which the payment service provider and the service user agreed.

(2) If before the commencement of the payments for the sale of goods or the provision of a service to the seller instead of a person offers to perform currency conversion or if the currency conversion offers to make the payment requested, the person that offers a person the currency conversion service, is obliged to inform the payer for a fee, as well as the payment amount, the exchange rate used for the conversion.
Article 59. (1) If the recipient of the payment offers a discount on a specific payment instrument, it shall inform the payer before the commencement of payments.
(2) If the payment service provider requesting the fee for certain payment instrument, it shall inform the payment service user before payment, unless the payment service provider has not provided this information in accordance with this law, the requirements of article 63.
60. article. (1) the payment service provider of the Act VII, VIII and IX of the information laid down in chapter payment service user provided free of charge.
(2) the payment service provider shall, in agreement with the payment service user, may be charged a fee if the service request by user: 1) information is given more frequently than required by the standard contract;
2) information is provided other than a standard specified in the media;
3) provides not only the information specified in the standard contract, but also the additional information.
(3) If the payment service provider shall determine the fees for the provision of information in accordance with the second paragraph of this article, the fees shall be set at a reasonable and appropriate payment service provider's actual costs.
61. article. (1) if the payment service provider in the event of a dispute with the payment service user by the payment service provider has an obligation to prove that it noticed this law, VII, VIII and IX information requirement laid down in chapter.
(2) the payment service provider of the existing confidential information provided by public bodies, public officials or other official authority, and in the same order as the credit institution in accordance with article 63 of the law of credit institutions.
62. article. If the payment service user using a payment instrument in accordance with the standard contract can only be used for payments, each of which individually do not exceed 30 euros, or use a payment instrument, for which the prescribed limit is 150 euros, or which do not exceed 150 accumulated naudanekad euro: 1) the payment service provider of the payer provides information on the use of the payment instrument, the payment service provider and the payment service user's liability, payment of applicable fees and other information that person must have a reasonable decision regarding the payment service, as well as specify which available in the other information referred to in article 64 of this law;
2) the payment service provider and the payment service user may agree that an amendment of a standard may not apply article 66 of this law's provisions;
3) the payment service provider and the payment service user may agree that after the payment is made: a) the payment service provider shall make available information only for reference (reference) that the payment service user to identify the payment, as well as the amount paid by the payment service user pays the payment service provider of the payment service. If the number of one type of payment for the same beneficiary, the payment service provider shall make available to it information on the total amount of payments and fees by the payment service user pays the payment service provider of the payment service, (b)) the payment service provider is not obliged to give an "a" in this paragraph referred to information if the payment instrument is used anonymously or if the payment instrument characteristics due to the payment service provider is not available on this point "a" referred to in the information. In these cases the payment service provider of the payer provides the opportunity to test the payment instrument the accumulated amount of money.
Chapter VIII Payment covered by article 63 of the standard contract. (1) before conclusion of the contract or before the payment service user has consented to the use of the offer, the payment service provider on paper or on another durable medium provided service to users of this law the information provided for in article 64. Information on Latvia provided payment services to be provided in a clear manner in the national language or any other language agreed between the parties.
(2) If after the payment service user's request, the standard contract concluded via distance communication tool, and as a result it is not possible to execute the first part of this article, the obligations, the payment service provider executing them immediately after the conclusion of the contract.
(3) the payment service provider in the first paragraph of this article, these obligations can be fulfilled also by submitting the payment service user of the standard contract of the project, if it includes this law, the information referred to in article 64.
64. article. The payment service provider of the payment service user in the standard contract shall contain the following information: 1) on the payment service provider: (a) the payment service provider's) name, legal address, electronic mail address or other addresses to be used for communication with the payment service provider and the payment service provider representative or affiliate registered in Latvia, where the payment services are provided through a representative or branch. If Latvia founded and registered with the payment service provider shall provide the payment service in another Member State, of a representative or branch registered in the Member State where the payment service is offered, b) a reference to the Commission or payment service provider as well as the supervisory body, the reference to article 10 of this law provides for the register in which the service provider is registered;
2) on payment of: (a) your use of the services to be provided by the payment service) of the description b) indication of the information or unique identifier that the payment service user shall submit the payment order to be properly executed, c) the manner in which the consent to make the payment, and the way in which it surrendered in accordance with this law and article 92 80 rules, d) a reference to the time at which the payment order shall be deemed to have been received in accordance with article 90 of this law and the moment that is interrupted the acceptance of a payment order if the payment service provider has appointed, e) the maximum execution time for the payment service, f) or there is a possibility to agree on limits for the use of the payment instrument in accordance with this law, the first subparagraph of article 81;
3) for a fee, interest rate and exchange rate: a) the charge made by the payment service user pays the payment service provider of the payment service, and the distribution of this charge, b) for payment applicable interest rate and exchange rate or, if intended for use in the reference interest rate and the exchange rate of reference — the actual interest rate method of calculation and the relevant reference interest rate or reference exchange rate is used as the basis for the Exchange as well as these rates or the exchange rate determination date, c) indicates that the reference interest rate or reference exchange rate changes apply immediately, without prior notice and that the payment service user the information about these changes will be provided in accordance with article 66 of this law third, fourth and fifth, where a payment service user and the payment service provider has agreed to;
4) on communications: a) information on the means of communication, including technical requirements with respect to the service of the users of communications equipment for which the use of this information or the statutory notice to transfer the payment service provider and the payment service user have agreed upon, (b)) in any way and how often will be provided or made available in this Act, (c)) the language in which the contract concluded and the parties will be contacted during the contractual relationship , d) reference to the payment service user's right to receive information in accordance with article 65 of this law;
5) on safeguards: a) a description of the measures the payment instrument safe storage for the sake of payment service users, and information on how to notify the payment service provider in the context of this law article 82, first paragraph, point 2 (b)), the reference to cases in which the payment service provider has the right to block the payment instrument in accordance with article 81 of the law the second part, if the payment service user and the payment service provider has agreed to , c) information about the payer's liability in accordance with this law, article 87 d) information on how and how long the payment service user shall inform the payment service provider of the unauthorized or erroneous payments in accordance with article 84 of this law, as well as the payment service provider's liability for unauthorised payment in accordance with article 86 of this law,

e) information on the payment service provider's liability for payment in accordance with article 99 of this law, f) money back conditions, in accordance with this law and article 88.89;
6) on the amendment of the standard contract and the termination of the contract: (a) a reference to the fact that) it is considered that the payment service user has consented to the amendment of the standard contract, if this contract until the proposed date of entry into force is not announced a payment service provider that objects to the amendment, if the payment service provider and the payment service user has agreed to in accordance with this law, article 66 (b) of the second subparagraph, the term of the contract) , c) payment service user entitled to terminate the contract, as well as agreement on the termination of the contract according to this law, article 66 and the first paragraph of article 67;
7) on the complaint and the matter of damages: (a)) regulations relating to the contract, and the Court, as is the standard related cases, b) a reference to the out-of-court complaint and redress procedures available to the payment service user in accordance with this law, and article 106 105.
Article 65. Standard contract for the period of validity of the payment service user has the right to be informed, on request, of the provisions of the standard contract, as well as article 64 of this law contains the provisions of information and on paper or on another durable medium.
66. article. (1) amendments to the contract, as well as 64 of this law and regulations in the information pantānoteikt the payment service provider in accordance with this law, proposed article 63, first paragraph, the provisions and no later than two months before the (planned) proposed this amendment into force.
(2) the payment service provider may agree with the payment service users that the service user has consented to the amendment of the standard contract, if it proposed (planned) the date of entry into force of the stardartlīgum has announced the payment services provider for his opposition to the amendment. In this case, the payment service provider shall also specify that the payment service user has the right to immediately and without penalties to end the application of the standard to the entry into force of the amendments.
(3) interest rate or exchange rate changes can be applied without prior notification, if agreed in the contract and if this change is based on the reference interest rates or the exchange rate of reference for which the payment service provider and the payment service user have agreed, in accordance with article 64 of this law, 3. point "b" and "c" provisions.
(4) in the third subparagraph, in the cases referred to in the payment service provider as soon as possible inform the payment service user pursuant to article 63 of this law, the provisions of the first subparagraph, except where those persons have agreed on another way in which the payment service provider shall provide or make available to the relevant information.
(5) interest rates or changes in currency exchange rates which are more favourable to the payment service user, may be applied without notifying the.
(6) the calculation and application of payments using interest rate or exchange rate changes, users of the service are not permitted discrimination.
Article 67. (1) the payment service user may terminate the contract at any time, except when the payment service provider and the payment service user has agreed on prior notification of the termination of the contract term. Prior notification period may not be longer than one month.
(2) if the contract is concluded for an indefinite period or for a period exceeding 12 months, and the payment service user to terminate the contract after 12 months, the payment service provider does not determine the fine for the termination of the contract. In other cases, when the termination of the contract is for the fines, determined by the proportional to expenditure.
(3) if the contract due to the agreement, the payment service provider may terminate the contract concluded for an indefinite period, having informed the payment service user for at least two months in advance, according to this law, the first paragraph of article 63 of the regulations.
(4) the charge made by a payment service provider regularly collected on payment services, the payment service user fee in proportion to the time of its use until the termination of the contract. If such a fee is charged in advance, payment service provider it proportionate.
68. article. If, in accordance with the standard payment is made by the person initiating the payment service provider of the payer request after the commencement of payment provide information on the maximum lead time and service charge paid by the person, as well as the distribution of this charge.
Article 69. (1) after the payment amount written down from the payer's account, or, where the person does not use a payment account, after receipt of the payment order to the payer's payment service provider immediately in accordance with the law, article 63, first paragraph, the provisions of the Bill provide the following information: 1) reference (reference), which allows the payer to identify each payment, and, if possible, the information about the consignee;
2) the amount of the payment currency in which the amount written down from the payer's account, or in the currency used for the payment order;
3) service charge payable by the payment service user and the distribution of those charges or interest charged to the payment service user;
4) exchange rate by the payment service provider of the payer with the payment and the payment amount by currency conversion if you are using a currency exchange;
5) value date amount due for write-off of the payer's account or the payment receipt date.
(2) the Contract may include a condition that the first paragraph of this article, the information provided or made available at least once a month, and to specify the manner in which the information to be provided to the payer option, providing this information to save and restore the unchanged.
70. article. (1) after payment is executed, the payment service provider of the payee shall promptly according to this law, article 63, first paragraph, of the rules provides or makes available to the recipient of the following information: 1) reference (reference), which allows the recipient to identify the payment and, if possible, also the payer, and any information submitted with payment;
2) the amount of the payment currency in which the amount is credited to the payee's payment account;
3) service charge payable by the payment service user and the distribution of those charges or interest charged to the payment service user;
4) exchange rate, which the payee's payment service provider with a payment, and the amount of the payment before the currency conversion if you are using a currency exchange;
5) value date for crediting account.
(2) the Contract may include a condition that the first paragraph of this article, the information provided or made available at least once a month, and to specify the manner in which the information to be provided to the payer option, providing this information to save and restore the unchanged.
Chapter IX, article 71 of the lump sums. (1) This chapter applies to single payment, are not covered by the standard.
(2) If an order for payment is a one-time payment shall be submitted via the payment instrument covered by the contract, the payment service provider is not obligated to provide or make available information that the payment service user is already provided on the basis of the standard contract with another payment service provider, or they provide in accordance with this standard.
72. article. (1) the payment service provider shall provide to the payment service user in an easily accessible form the information referred to in article 73 of this law before the payment service user shall undertake to use the services of a lump sum. After the service, the user's request, the payment service provider shall provide this information on paper or on any other durable medium. Information on payment services offered in that statement is to be formulated in a clear manner in the national language or any other language, for which a payment service provider agree to payment service users.
(2) If after the payment service user's request, the payment service provider and the payment service user for a single payment of agreed services, using the means of distance communication, and as a result it is not possible to execute the first part of this article, the obligations, the payment service provider to execute immediately after payment.
(3) the payment service provider in the first paragraph of this article, these obligations can be fulfilled also by submitting a user of the service contract or the draft payment order if it includes this law, the information referred to in article 73.
73. article. (1) the payment service provider shall provide the payment service user or made available to the public the following information:

1) reference (reference) to the information or unique identifier that service user shall submit the payment order to be properly executed;
2) maximum payment service lead time;
3) service charge payable by the payment service user, and this charge distribution;
4) the actual or reference exchange rate, which will apply to the payment if the Exchange will be carried out.
(2) the payment service provider of the payment service user in an easily accessible form made available to the other article 64 of this law establishes the information if it relates to payment services and payment service provider.
74. article. Immediately after receipt of the payment order to the payer's payment service provider in the same way as laid down in article 72 of this law in the first subparagraph, the taxable person shall provide or make available the following information: 1) reference (reference), which allows the payer to identify the payment, as well as information about the recipient, if it is specified in the payment order;
2) the amount of the payment in the currency indicated in the payment order;
3) service charge paid by the payment service user, and this charge distribution;
4) exchange rate by the payment service provider of the payer with the payment if the Exchange is made. If using the payment service, the exchange rate used is different from the course for which the person has been informed in accordance with article 73 of this law, the first subparagraph of paragraph 4, the payment service provider shall inform the payer of the exchange rate used. The payment service provider shall inform the payment service user on the payment amount by currency exchange;
5) on receipt of a payment order date.
75. article. Immediately after the payment is due the payee's payment service provider under article 72 of this law, first paragraph provides or makes available to the recipient of the following information: 1) reference (reference), which allows the recipient to identify the payment and, if possible, also the payer, and any other information submitted with payment;
2) the amount of the payment currency in which the amount is at the disposal of the beneficiary;
3) service charge paid by the payment service user, and this charge distribution;
4) exchange rate and the amount of the payment before the currency conversion, if the payee's payment service provider has made the currency exchange;
5) value date for crediting account.
Chapter x the payment service provider and the payment service user rights and duties Article 76. If the payment service user is not a consumer of the consumer protection law, the payment service provider and the payment service user may agree on a single 77. this law, the first paragraph of article 6, the third subparagraph of article 80, and 85, 87, 88, 89, 92 and 99. non-application of the provisions of article. The payment service provider and the payment service user may agree on other than this law, laid down in article 84 of the reward request.
77. article. (1) the payment service provider may not be required of the payment service user is informed of the charge for their duties, as well as corrective or preventive actions according to this law, X, XI, XII, XIII and XIV to this Act, if the chapter article 91, in the second paragraph of article 92 in the seventh and the third subparagraph of article 98 provides otherwise. If the payment service provider shall agree to the payment service user for this law, article 91, in the second paragraph of article 92 in the seventh paragraph and article 98 referred to in the third subparagraph, the application fee this fee is determined in proportion to their actual information, as well as corrective or preventive actions.
(2) if the payment is not associated with currency conversion, the payee's payment service provider your requested service charge, but the person — his payment service provider of the required fee.
(3) the payment to the recipient is not allowed to seek from the paying fees for a given payment instrument.
78. article. If the payment service user using a payment instrument in accordance with the standard contract can only be used for payments, each of which individually do not exceed 30 euros, or use a payment instrument, for which the prescribed limit is 150 euros, or which do not exceed 150 accumulated naudanekad euro: 1) does not apply to this law article 82, first paragraph, point 2, article 83, first paragraph, 3, 4, and 5, and article 87 of the fourth and fifth subparagraph If one is not a payment instrument may block or suspend its further use;
2) of this Act does not apply, article 85 and 86 article 87 of the first and second subparagraph, if the payment instrument is used anonymously or the payment service provider of the other payment instrument characteristics cannot prove that the payment was authorized;
3) the payment service provider is not required to inform the payment service user for rejecting a payment order in case the payment order failure resulting from particular circumstances;
4) payer payment order may not be revoked after it sent or given the consent of the recipient to make a payment;
5) may apply to the other payment deadline, as provided for in article 96 of this Act;
6) 86 and 87 of this Act. the provisions of article shall apply also to electronic money, except where the payment service provider of the payer cannot freeze the payment account or block the payment instrument.
Article 79. (1) the payment service provider of the payer, the payment service provider of the payee, the payment service provider as well as the intermediary in the payment order and the amount withheld from the amount of any transfer fee for the service.
(2) the beneficiary and his payment service provider may agree that the payment service provider to charge commissions from the amounts transferred before its transfer to the beneficiary's account. In this case, the recipient information individually indicate the full amount of the payment and the charges imposed on the service.
(3) If the payer and the payment initiated from the amount due withheld rather than that referred to in the second paragraph of article charges for services, but any other fee, the payment service provider of the payer shall ensure that the recipient receives the complete bill payment in the amount of money.
(4) if payment to the receiver or initiate it launched with the beneficiary and the amount deducted for payment rather than that referred to in the second paragraph of article charges for services, but any other fee, the payment service provider of the payee shall ensure that the recipient receives the entire amount of the payment.
Chapter XI, article 80 authorisation of payment. (1) a person may give consent to make the payment before payment is due, or if it reached agreement with the payment service provider executing the payment.
(2) consent to make a payment, as well as multiple or repeated payments give way, as been agreed by the payer and the payment service provider. If such consent is not, the payment shall be deemed unauthorized.
(3) a person may withdraw their consent at any time, but no later than this law, in article 92. The Bill may also be withdrawn more or repeating payments give consent. Any future payments be considered unauthorized.
81. article. (1) If an authorization to use a specific payment instrument, the paying agency may agree with the payment service provider of the payment instrument limit.
(2) If the payment service provider and the payment service user on the agreed standard contract, the payment service provider shall have the right to block the payment instrument in cases related to the security of the payment instrument, reasonable suspicion of an unauthorized payment instrument the use or uses for the purpose of fraud, or where the payment instrument associated with the credit line and is significantly increased the risk that the person may not be able to meet payment obligations.
(3) of this article, in the cases referred to in the second subparagraph, the payment service provider in a way for which it agreed to the payment service user shall inform the payer of the blocking of the payment instrument and the reasons for it, if possible, before the payment of the instrument, but no later than immediately after the lock, except for the provision of information would jeopardise the objective reasonable security considerations or are prohibited under the laws of Latvia.
(4) the payment service provider shall unblock the payment instrument or replace it with a new payment instrument as soon as there are no longer grounds for blocking.
Article 82. (1) the payment service user entitled to use the payment instrument shall have the following responsibilities: 1) use the payment instrument in accordance with the provisions governing the release of the payment instrument and use;
2) as soon as it became known, that the payment instrument has been lost, stolen or otherwise unlawfully appropriated, or its unauthorized use, immediately to notify the payment service provider or its designated authority.
(2) the payment service user shall take the measures necessary to maintain the payment instrument on the protection of items personalized.

83. article. (1) payment service provider who missed a payment instrument, the following requirements shall be met: (1)) provides for a payment instrument of protection elements of personalized is not accessible to persons who are not entitled to use the payment instrument;
2) not sending the payment service user shall not require the payment instrument, except where a payment instrument already held by the users of the service, to be replaced with a new payment instrument;
3) provides service to the users the chance to announce this law article 82, first paragraph, referred to in paragraph 2 or require payment instrument in accordance with this law, unlock the fourth part of article 81;
4) 18 months from the time when the payment service user is informed the payment service provider under article 82 of this law, the first paragraph of point 2 of the cases referred to or requested a payment instrument in accordance with this law, unlock the fourth part of article 81, provides evidence that the payment service user provided a relevant notification;
5) eliminates the use of the payment instrument once received this law article 82, first paragraph, the information referred to in paragraph 2.
(2) the payment service provider to bear the risk associated with the payment instrument or of any it security send elements of the taxable person, except in accordance with the payment service user's request, the payment service provider and the payment service user has previously agreed otherwise.
84. article. (1) the payment service user has the right of the payment service provider to receive compensation in accordance with this law and article 86.99. If the payment service user shall immediately, as soon as it learned of the unauthorized or incorrectly executed payment, but no later than 13 months after flushing account has informed the payment service provider.
(2) If the payment service provider has not provided or made available to the payment information in accordance with this law, VII, VIII and IX, chapter, the payment service user may get the first paragraph of this article remuneration in accordance with this law and article 86.99 if you have informed the payment service provider shall, as soon as it learned of the unauthorized or incorrectly executed payment.
85. article. (1) where a payment service user denies that authorized comply with payment, or claims that the payment was executed erroneously, the payment service provider is obliged to prove that the payment is authenticated, accurately recorded and posted in the accounts and not affected by technical breakdown or other deficiency.
(2) where a payment service user denies that authorized the payment, then run with it that one payment service provider registered by use of the instrument of payment is not enough to prove that the person authorized payments or unlawful act, whether deliberately or inadvertently not fulfil one or more of the article 82 of this law of obligations.
86. article. (1) article 84 of this law, in the cases referred to in the payment service provider of the payer shall immediately reimburse the payer pays the losses in unauthorized payment amount or restoring the State of the payer's payment account from which the amount written off, to the situation that existed before the unauthorized payment.
(2) additional compensation may be determined in accordance with the laws and regulations that apply to the payer and the payment service provider contracts.
87. article. (1) the payment service provider of the payer shall not pay damages up to € 150 if they are incurred in connection with unauthorized charges the payment instrument or of loss of, theft or embezzlement or illegal if the payer is not provided for personalized security features for safe storage and thus made the illegal misappropriation of the payment instrument.
(2) the payment service provider does not pay the Bill for the losses that it incurred in connection with unauthorized charges if the person acted illegally or intentionally (intentionally) or serious negligence does not fulfil one or more of the article 82 of this law of obligations.
(3) if the person has not acted illegally or not found that he intentionally (intentionally) has not fulfilled its obligations under article 82 of this law, a payment service provider can reduce the first and the second person's liability set out in part, taking into account the payment instrument to the personalized nature of the security features, and the circumstances in which it is lost, stolen or otherwise unlawfully appropriated.
(4) the payment service provider, without applying the provisions of the first paragraph, pay the taxpayer losses resulting from lost, stolen or otherwise unlawfully misappropriated payment instrument after the results of the bill payment service provider, or its designated authority provided information in accordance with this law, article 82, first paragraph, point 2, except when the person is acting unlawfully itself.
(5) If the payment service provider of the payer provides the opportunity at any time in accordance with this law, the first paragraph of article 83, paragraph 3 of the payments for the loss of the instrument, theft or other unlawful misappropriation, the payment service provider shall, without applying the provisions of the first paragraph, pay the payment instrument to the payer as a result of the losses, except where the person is acting unlawfully itself.
(6) liability for damages that person — the consumer rights protection law — his payment card unlawful use, shall be determined in accordance with the consumer protection law.
88. article. (1) a taxable person has the right to obtain from the payment service provider's authorized and executed the payment amount already repaid in full if the beneficiary or payment started it started with the recipient and if: 1) authorized a payment, do not specify the exact amount;
2) payment amount is larger than the payer reasonably could have the duty to provide, taking into account the data on his previous payment, provisions of the standard contract and the conditions of the transaction.
(2) at the request of the payment service provider of the payer shall provide evidence concerning the first paragraph of this article.
(3) in respect of the direct debit payments, the payer and the payment service provider may agree in the contract that the payer is entitled to a payment service provider's money back, even if the first part of the above conditions are not met.
(4) in the first subparagraph in the conditions referred to in paragraph 2, the performance of the person cannot be justified by considerations related to currency exchange, if applied to the currency exchange rate, on which he reached an agreement with his payment service provider under article 64 of this law, in paragraph 3 of point "b" and article 73 of the first subparagraph of paragraph 4.
(5) the payer and the payment service provider in the standard contract may provide that the person is not entitled to money back, if: 1) he gave his consent to execute the payment directly to his payment service provider;
2) payment service provider or to the beneficiary for at least four weeks before the date on which the taxable person is obliged to execute the payment obligation to the beneficiary, the payer, provided or made available on this form of payment, as previously agreed.
Article 89. (1) a person may request that the law referred to in article 88 of the authorized consignee, the consignee or the agent started payments refunded within eight weeks from the date the money is written off from your account.
(2) within ten working days of the receipt of the money back request, the payment service provider shall repay the entire amount of the payment made or give grounds for refusing the refund, indicating the bodies to which the payer may submit a complaint in accordance with this law, and article 106 105.
(3) the payment service provider is not entitled to refuse money back this law, article 88 of the cases referred to in the third subparagraph.
Chapter XII the payment order article 90. (1) on receipt of a payment order is the time point when the payer or the recipient with the recipient through submitted payment order received by the payment service provider of the payer.
(2) If the payment order is received by the payer's payment service provider to the end of the work day, it shall be deemed received on the next working day.
(3) the payment service provider may provide the moment that you stop payment order. This moment can be determined shortly before the end of the work day, and all at this moment the payment order received shall be deemed received on the next working day.
(4) if the payment service user, that the payment order submitted, agreed with his payment service provider, the payment order execution begins in a particular day or specific, or at the end of the day, when the payment service provider of the payer possesses the required fee money, on receipt of a payment order shall be deemed to be the day on which the agreement.

(5) if the day on which the agreement, the payment service provider is not a business day, the payment order received shall be deemed to have been received on the next working day.
91. article. (1) If the payment service provider refuses to execute a payment order, it shall, as soon as possible, but no later than this law, within the time limit laid down in article 94 and in a manner as previously agreed, give or make available to the payment service user the information and the reasons for the refusal, as well as error correction procedures, which have been the basis for the denial, unless such information is not defined in the Latvian ban legislation.
(2) the Contract may include a condition that the payment service provider shall collect a fee for the first paragraph of this article if the information, the refusal is objectively justified.
(3) If all of the payer and his payment service provider, the provisions of the standard contract, the payment service provider shall not refuse to execute an authorized payment order irrespective of whether the payment order submitted by the payer, the beneficiary or the beneficiary was filed, unless the performance of duty is not prohibited by law.
(4) of this law and article 99 94. within the meaning of the payment order shall not be deemed to have been received if it is refused.
92. article. (1) the payment service user may not revoke a payment order once it has received the payment service provider of the payer shall, unless otherwise provided in article.
(2) if the payment is initiated with the beneficiary, the payer may not revoke the payment order after he submitted it to the recipient.
(3) if payment of the beneficiary, the payer launch can not undo a payment order once it has given the consent of the recipient to initiate payment.
(4) direct debit payments in case the payer may revoke the payment order until the end of the working day, followed by money from the account for a specific retirement date.
(5) Article 90 of this law in the fourth case referred to the payment service user may revoke the payment order at the latest by the end of the working day, followed by a day in accordance with the agreement of the account will be written off the money.
(6) After the first, second, third, fourth and fifth paragraphs of the deadline to the end of the payment order may be revoked only if the payment service user on that possibility agreed with the payment service provider. In the second, third and fourth in the cases referred to in the order for withdrawal of the beneficiary's consent is also required.
(7) the payment service provider may charge for revocation of a payment order, if the standard contract such a possibility is provided for.
(8) this article does not apply to this law, article 78 of the cases referred to in paragraph.
Chapter XIII the payment time and value date article 93. (1) this chapter applies to: 1) payments in euro;
2) Latvia payments in lats;
3) payments, which contains only one currency conversion between the euro and the national currency of the Member State. The payment service, if the Exchange takes place in a Member State, provided that the Member State in national currency, but in the case of cross-border payments in euro.
(2) this section also applies to the other charges if the payment service user to his payment service provider has agreed otherwise. The payment service provider is not authorized to agree to the payment service user for this law, article 97 of the rules. The payment service user and his payment service provider may agree on a longer period than that laid down in article 94 of this law. If both the payer and the payee's payment service provider is situated in a Member State, the payment deadline may not exceed four working days after this law laid down in article 90 receipt of a payment order.
94. article. (1) the payment service provider of the payer shall ensure that after the receipt of the payment order in accordance with article 90 of this law, the payment amount is credited to the payee's payment service provider's account at the latest by the end of the following working day.
(2) Where the payee's payment service provider has received the payment, this determines the value of the date and amount of the payment shall be made available to the payee's payment account in accordance with article 97 of this law.
(3) the payee's payment service provider shall forward the payment service provider of the payer to the recipient or the beneficiary submitted via an order of payment period for which the beneficiary has agreed with his payment service provider to ensure settlement in respect of the direct debit payment date on which the taxable person under the arrangement are obliged to fulfil their obligations to the recipient.
(4) the provisions of this article shall not apply article 78 of this law, in the cases referred to.
Article 95. (1) if the recipient does not have a payment account with the payment service provider of the institution, a payment service provider that received the money, the recipient shall make it available to the recipient of this Act within the time limit laid down in article 94.
(2) the provisions of this article shall not apply article 78 of this law, in the cases referred to.
Article 96. If the consumer has paid the money payment service provider institution open a payment account in the currency of that payment account, the payment service provider shall ensure that the amount is available immediately upon receipt of the money, and give it the same business day or next working day value date, if the date is not a payment service provider's work day. If the payment service user is not a consumer, the payment service provider shall ensure that the amount of money available, and gives it a value date not later than the working day following the receipt of this money.
Article 97. (1) the Valuation date for crediting the payee's payment account is no later than the day when the payment amount credited to the payee's payment service provider's account. The payment service provider of the payee shall ensure that the payment amount is at the disposal of the recipient immediately after it credited to the payee's payment service provider's account.
(2) the value date of money write-off from the payer's payment account is no earlier than the point in time when the payment amount written off of the payment account.
(3) the first and second subparagraph are also applicable to payment service providers that provide payment services in Latvia, where the payer or the payee's payment service provider is situated in a Member State and where the payment service is provided or of a Member State of the euro in national currency.
Chapter XIV the payment service provider's liability article 98. (1) a payment order is considered properly executed if it executed according to the specified unique identifier.
(2) if the payment service user has specified incorrect identifier, the payment service provider shall not be liable, in accordance with article 99 of this law for the performance of a duty or a flawed execution.
(3) the payer's payment service provider trying to regain this article referred to in the second paragraph erroneously executed the failed or payment of money. The payment service provider may withhold from the users of the service fee for the recovery of money, if it is intended to be a standard.
(4) if the payment service user provides information additional to the information required under article 73 of this law in the first part of paragraph 1 or paragraph 2 of article 64 the "b" section, the payment service provider shall be liable only for the execution of the payment service user in accordance with the specified unique identifier.
Article 99. (1) if the payment order submitted by the payer, his payment service provider shall be liable to the payer for correct payment execution, unless that person and, if necessary, the payee's payment service provider can prove that the payee's payment service provider received the amount due in accordance with this law, the first subparagraph of article 94. If the payment service provider of the payer can demonstrate that the payee's payment service provider has received the payment amount for the correct execution of the payment is the responsibility of the receiving payment service provider.
(2) If the payment service provider of the payer shall be liable for payment under the first paragraph of this article, it shall be released immediately back to the payer, or erroneously executed payment amount or restores the State of the payer's payment account from which the payment amount is written off, to a position in which it would have been if the erroneous payment would not be executed.
(3) If the payment service provider of the payee is responsible for execution of payments under the first subparagraph, it shall, without delay, the amount of the payment at the disposal of the beneficiary or beneficiaries of the amount credited to the account.
(4) if payment has not been executed or have been executed in error and the payment order submitted by the payer, his payment service provider, irrespective of the liability provided for in this article shall, on request, immediately tries to track payment and shall inform the payer of the outcome.

(5) If a payment order submitted by the recipient or it is presented to him, the payment service provider of the payee is responsible for receiving the correct transmission of the payment order of the payment service provider in accordance with this law, article 94, the third subparagraph.
(6) If the payment service provider of the payee is responsible for transmitting the payment order in accordance with the fifth paragraph of this article, that at the request of the beneficiary immediately again transmit the relevant payment order of the payment service provider of the payer.
(7) the payee's payment service provider is responsible for the processing of payment to the beneficiary in accordance with article 97 of this law.
(8) where the payee's payment service provider is liable under the seventh paragraph of this article, it shall make available the amount of the payment to the recipient immediately after that amount is credited to the payee's payment service provider's account.
(9) If the payment is not performed or has been performed incorrectly and the payee's payment service provider shall not be liable under this article, the payment service provider of the payer shall be liable to the payer.
(10) if the payer's payment service provider is liable under this article the ninth part, it shall immediately reimburse the payer does not comply with or erroneously executed payment amount or restores the State of the payer's payment account from which the payment amount is written off, to a position in which it would have been if the erroneous payment would not be executed.
(11) If the payment order submitted by the beneficiary or the beneficiary was submitted to the mediation, is not, or is wrongly executed, the payment service provider of the recipient, regardless of liability upon request, trying to track the payment and informs the recipient about the result.
(12) the payment service provider shall not be executed or incorrectly executed payment costs.
100. article. Compensation additional to that provided for in this law and in article 98 99, may be determined in accordance with the laws and regulations that apply to the payment service user and the payment service provider contracts.
101. article. (1) Article 99 of this law If the levy provided for in the liability of the service provider there is another payment service provider or intermediary, the payment service provider or intermediary pursuant to this law, the provisions of article 99 shall compensate for all the first payment service provider of the loss or the amounts paid.
(2) additional damages in contracts may be determined in accordance with the laws and regulations that apply to the payment service provider and intermediary.
Article 102. This law, XI, XII, XIII and XIV chapter does not preclude liability in cases where the resulting exceptional, unforeseen circumstances, which the party seeking to take them into account, can not be controlled, the consequences of which it could not have been avoided by any effort, or when the legislation of Latvia is obliged to meet other legal obligations.
Article 103. Payment systems and payment service providers, personal data shall be processed in accordance with the individual data protection laws regulating.
Article 104. The payment service provider to ensure efficient customer complaint and dispute resolution procedures. For complete information on the written complaints and dispute handling procedure must be freely available to the payment service provider and the payment service provider's home page on the internet, if such a site is created.
Chapter XV extrajudicial complaints and damages article 105. (1) the consumer protection centre in accordance with the laws and regulations shall control over this law, VII, VIII, IX, X, XI, XII, XIII and chapter XIV of the rules relating to payment service users which are to be considered as consumers consumer protection law. Consumer rights protection centre, received the payment service user's request for this law, VII, VIII, IX, X, XI, XII, XIII and XIV of the provisions referred to in chapter a, failure to assess whether a breach of consumer law that caused or could cause significant damage to the interests of the consumer groups (the consumers ' collective interests). If the information supplied in the application and accompanying materials, it does not seem that a violation that caused or may cause serious harm to the interests of the consumer groups (the consumers ' collective interests), the consumer rights protection centre is entitled not to open Administrative Affairs. In this case, the consumer rights protection Centre responds to the payment service user.
(2) the Commission shall, in accordance with the laws and regulations of the submissions, they examine the payment service users who should not be considered as consumers, consumer protection law, submitted on this law, VII, VIII, IX, X, XI, XII, XIII and XIV of the rules of the Department, if it caused or are likely to cause substantial injury to users of the services to the interests of the Group (collective interests). If the information supplied in the application and accompanying materials, it does not seem that a violation that caused or may cause significant harm to the users of this service to the interests of the Group (collective interests), the Commission was entitled not to open Administrative Affairs. In this case, the Commission responds to the payment service user.
(3) the consumer rights protection centre and the Commission, within their competence, are entitled to request from the payment service users and payment service providers to the proceedings and the information necessary to determine the filing deadline.
(4) if the consumer rights protection centre, examining Administrative Affairs, notes that this law, VII, VIII, IX, X, XI, XII, XIII and XIV of the non-compliance with the provisions of chapter caused or may cause serious harm to the interests of the consumer groups (the consumers ' collective interests), it is entitled to adopt a decision ordering the payment service provider to terminate this law, VII, VIII, IX, X, XI, XII, XIII and XIV of the rules of the chapter or prevent removal of irregularities and determine the action required for this purpose are due. The order in which consumer protection Center makes decisions, and this decision shall lay down the procedure for appeals to the consumer protection law.
(5) If the Commission, in examining the Administrative Affairs, notes that this law, VII, VIII, IX, X, XI, XII, XIII and XIV of the non-compliance with the provisions of chapter created or may cause significant damage to the payment service user to the interests of the Group (collective interests) that are not considered as consumers, consumer protection law, it is entitled to adopt a decision ordering the payment service provider to terminate this law VII , VIII, IX, X, XI, XII, XIII and XIV of the rules of the chapter or prevent removal of irregularities, and to identify the actions needed for this purpose are due.
Article 106. (1) if the payment service user for this law, VII, VIII, IX, X, XI, XII, XIII, XIV and XV of the non-compliance with the provisions of chapter has lodged a complaint against the Association of commercial banks of Latvia Ombudsman (hereinafter in this article — the Ombudsman) and the Ombudsman finds that the payment of the service provided does not meet the requirements of this Act or the contract and concluded as a result of the user services incur a loss, the Ombudsman recommends that the payment service provider to pay the payment service user of the loss.
(2) the Ombudsman shall provide annually to the consumer protection centre and the Commission for payment service users received complaints.
(3) the payment service user may refer to the Court whether or not he has previously submitted a complaint to the Ombudsman.
Article 107. If the payment service provider, has just launched the provision of payment services in Latvia, without opening the branch, violated this law, VII, VIII, IX, X, XI, XII, XIII and chapter XIV of the rules or has a reasonable suspicion for such infringements, the authorities empowered to ensure compliance with these rules of law (referred to in this article, the competent authorities) is a payment service provider (registration) of origin, the competent authorities of the Member States. If the provision of payment services and is used in the branch, the competent authorities shall be the competent authorities of the Member State where the payment service is provided.
1. Transitional provisions for payments initiated by 2012 January 1, with the exception of article 93 of the law referred to in the second subparagraph, the payer and his payment service provider may agree on a deadline of no more than three working days. The payment deadline may be extended by one business day if payment is initiated and carried out in paper form.

2. by 31 May 2010 payment for services rendered in accordance with the standard contract concluded until 31 May 2010, can not apply this law VII, VIII, IX, X, XI, XII, XIII, XIV and XV, the provisions of chapter. Payment service providers, starting with June 1, 2010, provides payment services provided in compliance with this law, VII, VIII, IX, X, XI, XII, XIII, XIV and XV chapter for all current contracts.
3. To this law, the date of entry into force of the direct debit agreements concluded that the settlement used the euro, the intended person's consent (within the meaning of article 80) the payment service provider to debit the amount from the payer's account, from 1 June 2010, treated as a consent to submit to the receiving payment service provider payment order to debit funds from the payer's account.
4. Until the date of the adoption of the euro in direct debit agreements concluded that the settlement used in paying for lats consent (within the meaning of article 80) the payment service provider to debit the amount from the payer's account, starting with the day of the introduction of the euro, treated as a consent to submit to the receiving payment service provider payment order to debit the funds from the payer's account.
Informative reference to European Union directives, the law includes rules, the European Parliament and of the Council of 13 November 2007 of Directive 2007/64/EC on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC.
The Parliament adopted the law of 25 February 2010.
President Valdis Zatlers in Riga V 2010 March 17