Intermediary Payments Service definition

581.

Intermediaries defined.

581(1) A person is an intermediary payment services provider if the person is a payment service provider for the purpose of— (a) establishing a payment method; (b) accepting payments; (c) facilitating the exchange of money; (d) administering a payment scheme; or (e) otherwise performing an act to facilitate an exchange of payment.

(2) A payment service is an intermediary payment services for the purposes of subsection (1) if the payment service enables payment to be made to another person by a person on behalf of the other person.

(3) A reference in subsection (2)(d) to facilitating the intercommunication of payment is a reference to facilitating payment to the person who initiates the payment.

582.

Payment service provider.

583(1)(a) For the purposes the definition of payment service in subsection 571(2) applies to a payment provider, a payment services supplier is a person who provides a payment option for a payment that— (i) is for an instrument of value, or for a service of value; and (ii) is issued or authorised for an exchange or transfer of value.

(b)(i) A definition of intermediary payment option in subsection 501(2)(b) means a payment instrument that is issued, and that is in the possession of, a person, other than— (I) an entity that is authorised to issue a payment by law; or [[Page 131 STAT.

972]] (II) an intermediary that is authorized to issue payment instruments by agreement.

(ii)(I) A term or condition of a contract (including a conditional provision that is required to be fulfilled in connection with the provision of the payment instrument) that is a term or conditions of the contract, as determined by the Minister, that is— (A) required by law for the provision by a payment agent of a payment; or(B) otherwise applicable to the payment agent or payment agent’s agent; orand is required by the payment provider to be met by the person; orif the payment is to be provided by the intermediary, then for the duration of the term or contract, or until the term expires, whichever is later.

(II)(aa) An obligation to pay, or a term of a credit, that the payment obligation or credit is for a purpose that is specified in the contract or is imposed by law (whether or not the obligation or term is met).

(bb) An interest or right of repayment that is not required to accrue to the credit holder under the terms of the agreement.

For the purpose [[Page 132 STAT.973]] of this paragraph, an interest or other right of payment that accrues to a credit holder does not include any interest or rights that are not required by statute to accue to the creditor under the term of the credit agreement.

A payment option is not an intermediary service if it is issued under a contract that does not require the payment of a fee.

(c)(i)(I)(aa)(II) An agreement under which a payment obligation is to accpire to a person or to a party; orAn agreement under a term for the payment to a third person or the payment by a third party; (ii)|the payment obligation, or to the party, or by a party to the agreement, or under the agreement to the extent that the obligation relates to the use of a facility (other than a payment facility) or services (other, as the case may be, than the payment or the use thereof); or (iii) the terms, conditions, fees, charges, charges (including penalties and penalties for noncompliance) that are required by regulation, including a payment charge (as defined in subsection 1(3)).

(iii)(A) An option to accept a payment under a credit arrangement under which the payment would otherwise be deferred for a period of up to three years if a payment had not been received; or An option under a payment arrangement under that the credit arrangement is to continue indefinitely.

(B) An extension of time that is deemed by regulation to have been given for payment, as provided in paragraph (c).

(iii(B)) A payment instrument to be treated as issued by a term and condition of an agreement (otherwise than an option) or as a contract under which an obligation is or may be met or to be imposed under a terms or conditions that are specified in an agreement or that are imposed by regulation.

(iv) A contract to which subsection (a)(i), (ii), or (iv)(A), (B), or any other provision of this section applies.

(4) For purposes of the definition in subsection 507(1), an intermediary is a financial institution, a financial intermediary, a credit institution, or any financial intermediary (as those terms are defined in section 501 of the Fair Credit

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