§ 4-9. Spending limits for payment cards and other payment instruments
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The text of the law (unofficial translation)
§ 4-9. Spending limits for payment instruments
If a payment instrument is used to give consent to the execution of payment transactions (betalingstransaksjoner), cf. § 4-2, the payer (betaler) and the payer's payment service provider (betalingstjenesteyter) may agree on spending limits for payment transactions executed using the payment instrument.
What does this mean?
This section lets you and your bank agree on spending limits for payments made with a payment instrument, such as a card. The condition is that the instrument is used to give consent to transactions, cf. § 4-2. The limits are an agreed cap, not something the bank can impose on its own. The section is part of the rules on payment orders (betalingsoppdrag) in Chapter 4, between cancellation in § 4-7, confirmation of available funds in § 4-8 and reservation of amounts in § 4-10.
Related sections
- § 4-2Consent to payment: when is a payment considered authorised?
- § 4-7Stopping a payment: deadlines for cancelling payment orders
- § 4-8The card issuer can ask whether there are sufficient funds in the account
- § 4-10Reserving money in the account for card payments