Article L315-2 of the French Monetary and Financial Code
November 8, 2023
Each unit of electronic money is issued without delay against the remittance of funds.
Each unit of electronic money is issued without delay against the remittance of funds.
Each electronic money unit may only be issued for a nominal value equal to that of the funds collected in exchange.
Any issuer of electronic money that collects funds is prohibited from paying interest on these funds, any remuneration or any other benefit linked to the duration of the holding of electronic money.
Chapter IV of this Title shall apply to the business of issuing and managing electronic money, without prejudice to the additional requirements laid down in this Section.
Prior to any contract or offer binding the parties, the contractual terms and conditions are provided, on paper or any other durable medium, under the conditions set out in I of Article L. 314-13 in terms that are clear and easily understandable to the electronic money holder. They are provided, on paper or any other durable medium, in French unless otherwise agreed by the parties.
The contract between the issuer and the electronic money holder shall clearly set out the conditions and the timeframe for redeeming electronic money units. If, by way of exception to Article L. 133-30 and within the framework of Article L. 133-31, charges following redemption are provided for, they shall be clearly specified in the contract. The contract shall specify the amount, nature and detailed calculation of these charges.
The contract specifies that repayment is made at the face value of the electronic money units.
The issuer shall ensure that all transactions required to manage the currency defined in Article L. 315-1 of this Code comply with the accessibility requirements set out in Article L. 412-13 of the French Consumer Code.
The maximum monetary value stored in electronic form and usable by means of a physical medium is set by decree. The decree referred to in the first paragraph also sets the maximum amount that can be loaded, reimbursed and withdrawn from the same medium, in anonymous electronic money and in cash. These ceilings take account of the characteristics of the product and the risks of money laundering and terrorist financing…
All consumers have the right to have recourse free of charge to a mediator under the conditions laid down in Chapter II of Title I of Book VI of the Consumer Code with a view to resolving a dispute between them and a credit institution, finance company, electronic money institution, payment institution or account information service provider relating to the services provided and the performance of contracts concluded under this…
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
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Paris Bar Registration n° (Toque) C2396
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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