§ 3-32. Lighter disclosure duty for certain payment services
Machine-translated from Norwegian. The Norwegian text is the one that applies. Read the original in Norwegian.Norsk English العربية Polski Українська
In brief
- Certain payment services (betalingstjenester) have lighter requirements: the information must be easily accessible.
- Single payments, payment initiation, account information and electronic money with low limits have their own minimum requirements.
- In distance selling (fjernsalg) to a consumer (forbruker), more disclosure requirements apply again.
The text of the law (unofficial translation)
§ 3-32. Special rules on the duty to provide information for certain payment services
- For single payment transactions (betalingstransaksjoner) as mentioned in § 4-51, the payment service provider (betalingstjenesteyter) shall on request give the customer (kunde) a written document with information as mentioned in § 3-28 letter a on costs and letter c on interest, as well as § 3-30 letter a on what the customer must provide for a payment order (betalingsoppdrag) to be initiated or executed correctly, and letter c on the time or deadline for receipt of payment orders.
- For payment initiation services, the payment initiation service provider (betalingsfullmektig) shall on request give the payer (betaler) a written document with information on single payment transactions in accordance with letter a and information on the payment initiation service provider's contact details etc. under § 3-24 letters a to d.
- For agreements on low-value electronic money as mentioned in § 4-50, the payment service provider shall give the customer easy access to information as mentioned in § 3-27 letter a on the main characteristics of the service, including how the payment instrument (betalingsinstrument) can be used, liability, fees charged and other important information necessary for the customer to be able to make an informed decision.
- any deadline for acceptance as mentioned in § 3-25 letter d
- conditions and procedure for exercising any right of withdrawal (angrerett) as mentioned in § 3-25 letter h
- the legislation on which the distance selling business is based as mentioned in § 3-26 letter c
- guarantee funds and compensation schemes as mentioned in § 3-27 letter b
- special risks associated with financial instruments etc. as mentioned in § 3-27 letter c
- any other terms as mentioned in § 3-27 letter d
- any costs other than the payments to the service provider as mentioned in § 3-28 letter f
- available payment arrangements as mentioned in § 3-28 letter g.
What does this mean?
The main rule in Chapter 3 is that the customer receives all relevant information in advance. This section provides relief for certain payment services: here it is enough that the information in § 3-24 to § 3-31 is easily accessible, and that the customer is told where it can be found. This way, the service provider can refer to information that is already available, instead of sending it again.
Some services also come with their own minimum requirements. For single payments, the customer can ask for a written document showing costs, interest, what must be provided, and when the order is considered received. If the customer uses a payment initiation service, the payment initiation service provider shall on request hand over a written overview of the transactions and its contact details. For account information services, the customer shall have easy access to information about costs and how long the service takes, and for low-value electronic money (payment instruments with low amount limits, defined in § 4-50) to information about characteristics, liability and fees.
For distance selling to a consumer, an important counterweight applies. In that case the customer shall nevertheless receive information under the rules in § 3-22 and § 3-23, including about the deadline for acceptance, the right of withdrawal, guarantee schemes, special risks of financial instruments and which payment arrangements are available. The legislation on which the distance selling is based must also be stated. The relief therefore does not apply in full when the sale takes place at a distance.
If several service providers are subject to a duty to provide information, § 4-51 applies correspondingly. Under § 4-51, a payment service provider carrying out a single transaction does not have to give information the customer has already received, or will receive, under an agreement with another payment service provider. The rules on entering into agreements in writing, the content of the agreement and passive consent to changes also do not apply to such single agreements that are not linked to an account agreement (kontoavtale) or other framework agreement.