Section 12: Terms and conditions for redeeming electronic money

Electronic money units are reimbursed by the issuing institution to the electronic money holder who requests it.

Redemption of electronic money by the electronic money issuer referred to in Article L. 525-1 is free of charge for the electronic money holder.

As an exception to article L. 133-30, when the parties are bound by a contract that expressly provides for a term, they may agree to reimburse expenses only in the following cases: 1° The request for redemption is made before the end of the contract ; 2° The electronic money holder terminates the contract before its term; 3° The electronic money holder requests redemption more than one year and one…

The amount of the charges following a reimbursement shall be proportionate and related to the costs actually incurred by the electronic money issuer.

When the request for repayment of electronic money is made before the term stipulated in the contract, except in the event of termination of the contract, the request may relate to all or part of the electronic money held.

If the request for redemption of the electronic money is made within one year of the term stipulated in the contract or if the contract is terminated, the electronic money held will be redeemed in full.

When the request for redemption of electronic money is made within one year of the term stipulated in the contract between an electronic money institution carrying out hybrid activities within the meaning of Article L. 526-3 and an electronic money holder, redemption is total if the proportion of the funds to be used in the form of electronic money is not agreed between the parties.

Redemption under this section shall be made, at the option of the electronic money holder, in legal tender coins and banknotes or by a payment transaction ordered by the issuer for the benefit of the electronic money holder. For redemption in coins and banknotes, the electronic money issuer may agree with the holder on redemption by transmission of funds. Notwithstanding any clause to the contrary, the electronic money issuer shall…

Except in cases where the electronic money holder is a natural person acting for non-business purposes, Articles L. 133-30 to L. 133-36 may be waived contractually.

Where an electronic money issuer uses a person to distribute electronic money on its behalf within the meaning of Article L. 525-8, it shall remain liable for the reimbursement provided for in this Section.